Sensational meme-coin, Shiba Inu has become the second largest altcoin amid accumulation spree by Ethereum whales. Data from WhaleSats shows that Ethereum whales accumulate 50,905,707,716,073 Shiba Inu Worth $735 million.
The recent increase in the value of Shiba Inu is reflected in the growing number of large whale transactions of the meme-coin in recent weeks and the news of its layer-2 protocol which will add more utility to the token.
According to WhaleStats which analyses the holdings and activity of whales on various blockchains, the 5,000 largest Ethereum (ETH) whales on record now hold a substantial amount of Shiba Inu making it the second-largest altcoin holding among Ethereum whales.
Investors King earlier reported Shiba Inu’s recent momentum which has led to massive accumulation by both retail and institutional investors.
The genesis of this momentum was triggered by extended hype on the project’s plans to launch a layer-2 protocol known as Shibarium.
The layer-2 protocol which is similar to the Polygon (Matic) scalable solution will allow developers to launch custom tokens on the Shiba Inu network while using ShibaSwap as the gas fee.
Owing to this development, Shiba Inu has moved to outperform its main rival, Dogecoin, up by 65.36% in the past 30 days as against the 26.30% movement made by Dogecoin. Binance data reveals as of the time of writing this report.
In addition, while the broader cryptocurrency market remained steady during the last weekend, Shiba Inu (SHIB) made a strong move of more than 30%.
On Sunday, February 5, the SHIB price touched a new 2023 high of $0.000015 Data from CoinGecko reveals.
Shiba Inu’s lead developer Shytoshi Kusama who confirmed the development of the layer-2 protocol, Shibarium is on track also added that the launch shall happen next week around February 14.
The launch of Shibarium will improve the scalability prospects of the Shiba Inu blockchain while lowering the gas fees