According to popular WhaleStats wallet tracker, the second largest meme coin Shiba Inu has again emerged on the top 10 list of whales' holdings. However, these largest wallets on the Ethereum chain contain a lot less Shiba Inu than they did last month and in the first half of December.
Over the past few months, the amount of Shiba Inu coins held by the 100 biggest wallets on Ethereum has dropped roughly by half.
Whales' SHIB holdings shrink massively
WhaleStats data on the website shows that the total amount of Shiba Inu held by the largest ETH investors stands at $44,294,390 worth of SHIB. This is about a million USD in this meme crypto more than on Thursday. At the moment, this is the equivalent of 5,536,571,068,398 – 1.99% of their comprised crypto portfolio in total.
Still, at the end of November, this figure was twice as big and constituted around $80,000,000. In early December, they held around $74 million.
Overall, since the FTX crash in the early days of November, the price of SHIB has slumped significantly, "added another zero" to its price and is now trading at $0.000008011. This might be the key reason for whales cutting down on their SHIB stash massively.
Sometimes, the meme token makes an appearance on the top 10 list of the most purchased coins, as happened on Thursday, Dec. 29, as covered by U.Today.
Multiple Shibarium release hints pushed price up
Over the past two weeks, lead SHIB developer Shytoshi Kusama stated several times that the long-anticipated launch of Shibarium Layer 2 protocol for Shiba Inu network is going to happen "very Soon."
Shytoshi announced that the start of Shibarium beta would be "very soon." He confirmed as much in a recent tweet published after a meeting with the Unification team, the Shibarium builder.
The price of SHIB responded to the news by rising slightly over 3% but shedding these gains by now.
Gamza Khanzadaev
Tomiwabold Olajide