After Accumulating $881,000,000 in Shiba Inu and Polygon, Whales Are Now Targeting Two Ethereum-Based Altcoins

After gobbling up nearly $900 million worth of Shiba Inu (SHIB) and Polygon (MATIC), crypto whales now have their eyes on two other altcoins running on the Ethereum (ETH) blockchain. Blockchain-tracking service WhaleStats reveals that the largest 1,000 Ethereum whales have accumulated more than $671 million worth of SHIB and $210 million worth of MATIC.

Timeline of Chainlink, Polygon, Shiba-inu, Steth

Another week of 2023 is in the rearview mirror and the bulls have emerged victorious once again. LINK holders are ecstatic after the rally that the coin has delivered since mid-February.

Shiba Inu, the prominent meme token, has seen its burn rate stagnate on the network after the token's price reversed from its local high and returned to the price level we saw back in the beginning of February. One of the main reasons behind the drop in network activity and the stagnating burn rate is the lack of drivers for assets like Shiba Inu that are not tied to any trending areas of the crypto industry.

Shibarium News: Since the beginning of February 2023, people have been sitting with their popcorn ready. But recently, social media got filled with rumors that Shytoshi Kusama has confirmed that the Shibarium Public Beta Testnet will be released within a week.

Similar to the majority of major cryptocurrencies, the Shiba Inu coin witnessed a minor correction in early February. This temporary retracement was important for coin holders as it recuperated the exhausted bullish momentum and offered a discount opportunity to sideline traders.

Shiba Inu (SHIB) dipped almost 4% during the trading session in tandem with the crypto sector, as Bitcoin (BTC) temporarily paused its bullish run in the aftermath of the CPI report.

Chainlink (LINK) is a decentralized oracle network that connects smart contracts on blockchain platforms to real-world data. The network enables smart contracts to access off-chain resources, such as data from APIs and web pages, which makes it possible for them to interact with the real world.

Polygon (MATIC) has seen an impressive increase of over 8% in its price over the past 24 hours. However, this increase is a drop in the bucket compared to what the token lost in 2022.

Chainlink price analysis shows a strong upward trend for today as the coin has surged by over 6.81 percent in the last 24 hours. The bullish rally has pushed the coin to a new all-time high of $7.66, surpassing its previous high of $7.5 reached on February 9th.

Japanese gaming company Square Enix has announced that it will be using Polygon, an Ethereum sidechain, as a base for Symbiogenesis, its upcoming Web3 experience. Naoyuki Tamate, producer of the game, cited the high transaction speeds and low transaction gas costs as the reasons for making this change in the game's design.

Starbucks Odyssey NFT-driven rewards program built on Polygon (CRYPTO: MATIC), which is still in closed-beta, is being sold for high prices on the secondary marketplace. What Happened: Since the launch of Starbucks Odyssey in December, its NFTs crossed over 360 in sales across Nifty Gateway, an NFT marketplace and $143,000 in total volume traded.