Ethereum Whales Now Hold Over $2 Billion Worth of Shiba Inu.

The top 1,000 Ethereum whales on the ETH network have been boosting their investment to the meme-inspired cryptocurrency Shiba Inu ($SHIB), to the point where they currently own more than $2 billion of the cryptocurrency.

The buildup was discovered by the on-chain monitoring site WhaleStats, who announced it on social media. The total ownership of Ethereum whales reached $2 billion, with SHIB leading the list of altcoins by total ownership.

According to publicly available statistics, the native token of cryptocurrency exchange FTX came immediately behind Shiba Inu, with whales controlling almost $1.7 billion worth of it. The USDC stablecoin finished in second at $1 billion, followed by other popular tokens such as the Bitpanda ecosystem Token (BEST), OKEx’s OKB, and others.

Shiba Inu’s price has risen in recent weeks, owing to a general resurgence in the cryptocurrency market and the project’s continued development. Shytoshi Kusama, the cryptocurrency’s community leader, revealed earlier this month that Shiba Inu was working with Welly’s, a burger restaurant with one physical location in Italy, to build the “first and only SHIB themed restaurant powered by the community.”

As part of the agreement, Welly’s will include NFTs and Shiba Inu’s blockchain into its operations, while SHIB will manage Welly’s payments. The community has been so enthusiastic of the enterprise that it is now accepting new franchisees.

Unification, a Singapore-based blockchain consulting firm that has worked with companies such as Google and Amazon, has revealed recently that it has been collaborating with the Shiba Inu community to create Shibarium.

It’s worth mentioning that Shibarium is a layer-two network developed on top of the Ethereum blockchain to accommodate the Shiba Inu ecosystem. It’s set to enable “rapid low cost transactions optimized for gaming.” According to the release, Unification intends to deploy a public testnet for the network “very soon.”

Finally, the coin’s liquidity was recently increased by its inclusion on Foxbit, one of Brazil’s oldest and most prominent cryptocurrency trading platforms.

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