Indications have emerged that the attention of Ethereum Whales is now tilting towards investing in Shiba Inu.
This became apparent after a top Ethereum Whale, popularly referred to as Gimli in the crypto industry, made a deliberate move to diversify some of its crypto holdings by investing in Shiba Inu.
It was announced in a post by Whalestats on the foremost microblogging app, Twitter. Some analysts have described this crypto purchase as “mega” spending.
In its first purchase, the Ethereum Whale acquired a staggering 250 billion units of Shiba Inu which translate to roughly $2.7 million.
Currently ranked 235 on the Whalestats table, Gimli’s portfolio after this purchase is now home to a diverse range of crypto assets like Decentraland (MANA), Chainlink (LINK), Enjin Coin (ENJ), BAT, USDC, and Fantom (FTM).
A breakdown of the Whale holding shows that Ethereum represents the largest with about 76% of its entire portfolio.
At a very distant second position is SHIB with 19% and the remaining 5% of its portfolio is filled with other cryptos assets
Analysts are still divided on the short and long-term implications of Gimli’s SHIB purchase.
As of press time, Shiba Inu has risen by over 5% in the last 24 hours and it is currently trading for $0.00001142.
Shiba Inu Ecosystem Continues to Grow
Apart from growing whale interest in Shiba Inu, the meme coin token developers are also trying to grow the coin ecosystem.
A recent blog post revealed that works are in place to deliver, Shibarium (a layer 2 protocol for the coin) SHI stablecoin and TREAT (a rewards token).
Meanwhile, there are still plans to build a metaverse for the ecosystem, plus also developing the Shiba Card games in collaboration with Playside.
According to Shytoshi Kusama, all of these developments are in line with Ryoshi’s plan for the meme token ecosystem.
Credit : LINK