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Shiba Inu has been one of the top performers among the biggest cryptocurrencies by market capitalization. The meme coin started 2023 with a bang, rallying to the broader crypto market, but also saw independent gains due to anticipation around Shibarium and general market optimism. Now, the digital asset has returned in favor of big Ethereum whales as they renew interest.

Shiba Inu is the largest token holder by dollar value

Over the past year, Shiba Inu had fallen out of favor with big Ethereum whales who reduced their holdings as the coin’s price plummeted. These large Ethereum whales have gone from over $1 billion of the same coin at one point in 2021 to less than $300 million at the worst time in 2022.

This quickly changed, particularly with the recovery in SHIB prices. Ethereum whales have once again pitched their tents with the meme coin, amassing trillions in tokens over the past two months. According to data from WhalesStats.

Currently, they hold over $608 million worth of SHIB, which is 15.99% of their total non-ETH token holdings. Activity in the meme coin has also skyrocketed and SHIB also registers as the most traded token by these whales in the last 24 hours.

Shiba Inu Ethereum Whales

SHIB becomes largest holding among top 100 ETH whales | Source: WhaleStats

The SHIB smart contract is the fourth most used smart contract by whales, behind ETH, USDC and USDT, with a 186% increase in smart contract usage by the top 100 ETH whales.

SHIB grows 50%, is there more lead?

The price of Shiba Inu has already risen over 50% in the past three weeks, but there could still be more lead for the digital asset. One factor that could greatly contribute to such an increase is the launch of Shibarium, a layer 2 blockchain, which is currently the most anticipated release from the community.

With the launch of Shibarium, the possibility of a rally in the price of SHIB becomes more likely. Although BONE, which will be the ecosystem token, is expected to earn more, this move will likely rub off on Shiba Inu as the launch of its own layer 2 blockchain will trigger more adoption.

Shiba Inu (SHIB) Price Chart from TradingView.com

SHIB price rises over 50% in first three weeks of 2023 | Source: SHIBUSD on TradingView.com

There is currently no fixed date for the launch of Shibarium, but if it were to happen while the market is still seeing strong momentum, it will accelerate the growth of the coin. This puts the price of SHIB at a possible $0.00002 once the launch is complete.

SHIB is currently trading at $0.00001209 at the time of this writing. Its price has increased by 0.33% in the last 24 hours and by 14.12% in the last seven days.

Follow Best Owie on Twitter for market news, updates and the occasional funny tweet… Featured image from Analytics Insight, chart from TradingView.com





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