Shiba Inu Starts 2023 High, Surges 50% and Becomes the Favorite Among Ethereum Whales

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Last Updated on January 26, 2023 by Bitfinsider

Out of the biggest cryptocurrencies by market cap, Shiba Inu has been one of the greatest performers. The meme coin had a strong start to 2023, rising alongside the whole cryptocurrency market but also recording some independent gains as a result of interest in Shibarium and general market optimism. Large Ethereum whales have recently rekindled their interest in the digital asset, bringing it back into favor.

Shiba Inu had lost favor with the big Ethereum whales over the previous year, who decreased their holdings as the price of the token fell. At one time in 2021, these massive Ethereum whales owned more over $1 billion worth of the meme coin. At their worst in 2022, they owned less than $300 million.

This has soon changed, particularly with SHIB’s price recovery. Ethereum whales have set up camp with the meme coin once more, amassing trillions of tokens over the past several months. According to data from WhaleStats, this has restored Shiba Inu to its former glory as the largest token holding by dollar value for the top 100 ETH whales.

They currently possess SHIB worth around $608 million, which accounts for 15.99% of their whole token holdings excluding ETH. The meme coin has seen a surge in activity as well, as SHIB ranks as the whales’ most-traded token during the past day.

With an 186% growth in smart contract usage by the top 100 ETH whales, the SHIB smart contract is the fourth most used smart contract by whales behind ETH, USDC, and USDT.

Although Shiba Inu’s price has increased by more than 50% in the past three weeks, there may yet be further growth room for the cryptocurrency. The introduction of Shibarium, a Layer 2 blockchain that is now the most anticipated release in the community, is one aspect that could significantly contribute to such an increase.

Shibarium’s introduction increases the likelihood of a price increase for SHIB. Shiba Inu will probably catch on to this movement as more adoption will be spurred by the development of its own Layer 2 blockchain, even though BONE, the ecosystem token, stands to earn more.

Shibarium’s launch date is not yet decided, but if it were to occur while the market is still experiencing strong momentum, the coin’s growth would be accelerated. It estimates that SHIB’s price will be $0.00002 once the launch is over.

The price of SHIB is $0.00001209 at the time of writing. Its price has increased by 14.12% over the past week and by 0.33% over the past 24 hours.

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