The top 1,000 whales on the Ethereum ($ETH) network have been increasing their exposure to Shiba Inu ($SHIB), a meme-inspired cryptocurrency, to the point that they currently own almost $2 billion worth of it.
WhaleStats, an on-chain monitoring site, was the first to notice the accumulation, mentioning it on social media. The total holdings of Ethereum ($ETH) whales reached $2 billion, with SHIB leading the list of altcoins by total ownership.
According to publicly available statistics, the native token of cryptocurrency exchange FTX followed Shiba Inu, with whales controlling over $1.7 billion worth of it.
The USDC stablecoin was next, with a market cap of $1 billion, followed by other popular tokens such as the Bitpanda ecosystem Token (BEST), OKEx’s OKB, and others.
Shiba Inu’s price has risen in recent weeks, owing to a larger cryptocurrency market rebound and the project’s continued development.
Satoshi Kusama, the cryptocurrency community leader, revealed earlier this month that Shiba Inu was teaming up with Welly’s, a burger restaurant with one physical location in Italy, to open the “first and only SHIB themed restaurant powered by the community.”
As part of the deal, Welly’s will integrate NFTs and Shiba Inu’s blockchain into its business, while SHIB will handle payments for Welly’s. The community supported the project to such an extent it’s now welcoming new franchisers
Unification, a Singapore-based blockchain solutions provider that has worked with companies such as Google and Amazon, has revealed that it has been developing Shibarium in collaboration with the Shiba Inu community.
Shibarium is a layer-two network developed on top of the Ethereum blockchain to support the Shiba Inu ecosystem, it’s worth highlighting.
“Rapid low-cost transactions optimized for gaming” will be possible with it. According to the release, Unification plans to establish a public testnet for the network “very shortly.”
Finally, a listing on Foxbit, one of Brazil’s oldest and most prominent cryptocurrency trading platforms, has lately enhanced the coin’s liquidity.
Read More: On-Chain Analyst May Have Found the ‘First Ever’ Bitcoin ($BTC) Bear.