A big Ethereum whale buys $228 million worth of Shiba Inu, as meme coin gains 50% in January

The most massive Ethereum whales are actively stockpiling Shiba Inu, a dogecoin rival.

The enormous Ethereum whale has collected over $228 million in SHIB and is currently holding more than 18 trillion tokens, according to blockchain tracking firm WhaleStats.

By eliminating the ETH portion, the whale, whose identity is still unknown, has given SHIB 75% of his total portfolio as of this writing.

More details: The meme coin has a strong start to the year and is presently trading at $0.00001209, up roughly 50% year to date. As the ecosystem prepares for the introduction of Shibarium, the proposed layer-2 solution that intends to provide scalability among other aspects, price movement and whale buildup is taking place.

Since the beginning of the year, Bone ShibaSwap (BONE), the token intended to be used for gas on Shibarium, has also experienced rallies. At the time of this writing, BONE is selling for $1.40, up 60% on the year.

A meme coin is a word used in the digital market space as an asset referred to well-liked currencies that have ardent online supporters and traders and are occasionally portrayed with humorous or animated memes. Meme coins may be entertaining, but they are also extremely hazardous investments that may or may not have any real value.

This group includes currencies like Shiba Inu, Dogecoin, and others that may be more entertaining than practical. Understanding the dangers is essential while purchasing or trading meme coins so that you can steer clear of unforeseen volatility and losses.

The whales: According to CoinMarketCap, the aforementioned whale holds the sixth-largest stake in SHIB, accounting for 1.88% of the coin’s total supply.

In addition, the wealthy investor’s wallet also has the decentralized oracle service Chainlink and the Polygon (MATIC) scalability solution for Ethereum (LINK).

Data from WhaleStats revealed that additional Ethereum whales are aggressively allocating to SHIB in a similar fashion. SHIB is currently the largest holding among the top 1,000 Ethereum whales, excluding stablecoins and ETH itself, according to a recent analysis from Whalestats.

Shibarium’s release has been teased by Shiba Inu creators earlier this month, but no precise date has been announced. However, a sizable number of financial analysts describe meme coins as sophisticated pump-and-dump operations. Investors should be extremely cautious when entering these markets as a result of this claim and should be aware of meme currencies.

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