Ethereum Whales Hype Up Shiba Inu with Shibarium Launch On Horizon

The long-awaited release of the Shibarium layer 2 scaling solution is the focus of the Shiba Inu (SHIB) ecosystem. The Shiba Inu community may count on more token burns now that the Shibarium L2 is operational. In expectation of greater returns, additional Ethereum-based whales have reportedly moved to the Shiba Inu ecosystem.

Despite the coin’s recent price decrease, data from WhaleStats reveals that SHIB, which has a market cap of $601.2 million, is the most common cryptocurrency held by the top 100 Ethereum whales, with a share of 12%. Given that most  investors now possess more stablecoins, this amount only represents about 10% of the altcoins owned by ETH whales.

A few days ago, one of the biggest Ethereum (ETH) whales on the planet started buying Shiba Inus for hundreds of millions of dollars. A huge crypto whale just scooped up 118,058,494,947 SHIB worth $1.34 million, according to blockchain tracking firm Etherscan.

The investor now has a whopping 19,801,902,912,350 SHIB worth more than $225.34 million after this most recent transaction, accounting for close to 40% of the whale’s cryptocurrency holdings.

Shiba-Inu price

Shiba Inu has displayed a spectacular recovery from the beginning of January 2023 from the low of $0.00000777. The recovery wave was able to raise SHIB’s price above the 50-day EMA, which has generated a bullish feeling among investors. 

Subsequently, after a brief period of consolidation, the SHIB price turns lower and keeps moving downwards. Because of this, the short-term outlook for SHIB has once again turned bearish. The first obstacle for bulls will be around $0.00001396, and the second will be at $0.00001525.At the time of writing, Shiba Inu is trading at $0.00001104 and is down by more than one percent in the last 24 hours.