Shiba Inu Receives Boost from Ethereum Whales Ahead of Shibarium

[Coinpedia Fintech News]

The Shiba Inu ecosystem is eagerly awaiting the release of the Shibarium layer 2 scaling solution, which is expected to result in more token burns and attract more Ethereum-based whales to the platform. Despite the recent price drop, WhaleStats data shows that SHIB is the most common cryptocurrency held by the top 100 Ethereum whales, with a 12% share. However, this only represents around 10% of the altcoins owned by these whales, as most investors now hold more stablecoins.

Recently, one of the world's largest Ethereum whales bought hundreds of millions of dollars worth of Shiba Inus, acquiring 118,058,494,947 SHIB worth $1.34 million. This investor now owns nearly 40% of their cryptocurrency holdings in SHIB, with a total value of over $225.34 million.

Although SHIB displayed a strong recovery in early January 2023, pushing the price above the 50-day EMA and generating a bullish sentiment, the short-term outlook has since turned bearish. The current price of SHIB is $0.00001104, down by over 1% in the last 24 hours. The first hurdle for bulls is expected to be around $0.00001396, followed by $0.00001525.