SHIB Wins Back Whales' Biggest Holding Title After Major Investor Adds 71B Shiba Inu Tokens

Shiba Inu, the ERC-20 dog-themed decentralized altcoin regained supremacy among deep-pocket investors as it won back the title "whales' biggest holding" following the 71 billion SHIB added by a major crypto investor.

The whale purchased 71 billion SHIB on Wednesday following a hefty purchase of 300 billion SHIB on Tuesday. Details of the purchase were reported by whale activity tracker WhaleStats through a tweet noting that "ETH whale "BlueWhale0073" just bought 70,606,169,414 $shib ($1,440,365 USD)."

WhaleStats also hailed SHIB as the "Biggest token position by dollar value" with the dog-themed altcoin ranking next to Ethereum with a $10,161,471 average amount held. Shiba Inu is also the largest crypto holding in the USD equivalent among the largest 100 whales.

The biggest top 100 ETH wallets hold $1.016 billion worth of SHIB, which comprises 14.97 percent of their total portfolio. BlueWhale0073, also named Bombur, is one of the most influential Ethereum whales whose activities impacted the dog-themed altcoin.

Bombur has purchased a record 207 billion Shiba Inu tokens in the past and now owns over 855 billion SHIB. This mammoth faith in the altcoin is mostly driven by the increasing utility, partnerships, new burn mechanism, and upcoming launch of several projects of the dog-themed altcoin.

This year, the development team launched a new burning mechanism dubbed Shiba Burn portal that not only reduces the circulating supply but also rewards crypto burners. Since its launch, the burning mechanism has burned over 22 billion SHIB with investors hopeful the burning activities would increase with Welly's recent announcement that it would help to burn SHIB tokens too.

Shib: The Metaverse also introduced a new minting option that allows investors to use SHIB in minting lands in the virtual universe. The announcement came after the community complained that the development team opted to use Ethereum in the metaverse instead of SHIB.

Shytoshi Kusama, the lead developer of Shiba Inu, recently said that the highly anticipated Shibarium Layer-2 might launch very soon. The new version of Shibarium aims to speed up transactions and reduce gas fees.

Shiba Inu was trading up 4.38 percent at $0.00002152 with a 24-hour volume of $588,257,838 as of 2:05 a.m. ET on Thursday based on the data from CoinMarketCap.