Ethereum whales are bullish on meme coin Shiba Inu, on-chain data shows

• Shiba Inu ownership among the top 1000 Ethereum whales only lags Ether’s
• The whales are riding the wave of increased adoption of the meme token

Shiba Inu investments by top Ethereum investors have been growing. The token has frequently appeared on previous occasions as the asset with the top holding (besides ETH) among the top 1000 Ethereum whales.

On-chain monitoring tool WhaleStats yesterday observed that the whales’ holdings in Shiba Inu had once again crossed $2 billion.

Shiba Inu, FTX tokens and USD Coin on the radar of Ethereum whales

With the exact Shiba Inu ownership raking up as much as $2,761,646,130 (18,260,127,622,912 tokens) in value, this contributed to 23.01% of their portfolios ranking first among in all crypto holding excluding Ethereum.

Though this figure has slid to $1,585,320 (54,330,197,125 SHIB), Shiba Inu still has the most significant position by dollar value, with a 16.42% dominance. FTX token and stablecoin USDC are the second and third, respectively. Ethereum whales have also bet huge on them, with a 16.17% and 10.69% token ownership.

The second biggest Ethereum wallet, which identifies as ‘Light,’ is one among the most bullish whales on the SHIB token. Having quite the diversified portfolio, Light’s heatmap shows that SHIB is the second most held token with $1,052,077,950 held at an 18.19% dominance level.

But then, this whale is an indication that while there is belief in the token, investors are also treading cautiously. Shiba ranks highest among their incoming tokens (62.15%) and also top of outgoing tokens (37.87%).

The growth of whale investments is often seen as a bull flag, and factors around Shiba are consistent with this theory. Over the last few weeks, the token has been recovering alongside other cryptocurrencies following the January dump. Adoption is rising, seeing as the army is gaining traction with upwards of 1.18 million holders.

The Shiba Influence

One of the most effective strategies to find a way into the mainstream audience is through collaborations with physically accessible entities, and Shiba Inu appears to be taking this route. Early in the month, SHIB’s lead developer, the pseudonymous Shytoshi Kusama, revealed that the coin was collaborating with Italian restaurant Welly, a burger place in Naples.

The partnership qualified Welly as the first-ever Shiba-themed restaurant. Kusama explained that the project was to give the ShibArmy sustenance, in what he said was a move that “solidifies SHIB’s first step into IRL (in-real-life) projects.”

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