Trillions of Shiba Inu (SHIB) tokens are no longer under the control of crypto whales following the highly anticipated launch of Shibarium in its beta form.
Leading analytics firm IntoTheBlock reveals Shiba Inu whale balances have declined from 670.9 trillion to 660.9 trillion SHIB since Friday, a day before the crypto project started the early beta phase of the Shibarium network.
IntoTheBlock also says that the number of SHIB whale addresses has decreased 6.25% in the last seven days.
Shibarium is the much-hyped layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). The project was first announced in May of 2021 and has been in steady development ever since.
The exodus of SHIB from whale wallets does not appear to have negatively impacted the value of the dog-themed crypto asset. At time of writing, SHIB is trading at 0.000011, up over 6% in the last 24 hours.
Despite the unloading of Shiba Inu from some whales, the blockchain-tracking platform WhaleStats shows the largest 100 Ethereum whales in existence still hold a staggering $601.20 million worth of SHIB, representing nearly 12% of their crypto portfolio.
And according to WhaleStats, SHIB is still the largest altcoin holding among the top 100 Ethereum whales, excluding stablecoins and Ethereum itself.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Art Furnace/nsimsek0/WindAwake
Share this article: