Ethereum Whales Pouncing on Dogecoin Competitor Shiba Inu Amid Crypto Market Downtown, According to On-Chain Data
The world’s largest Ethereum (ETH) whales are gobbling up memecoin Shiba Inu (SHIB) even while data suggests that most SHIB investors remain deep underwater.
“Just in: SHIB flipped MATIC for most traded token among top 500 ETH whales.”
Also popular among the investor cohort is FTX Token (FTT), the native asset of the popular FTX cryptocurrency exchange, as deep-pocketed wallets hold $1.22 billion worth of FTT.
FTT powers the FTX ecosystem, giving traders reduced trading fees and rebates, among other benefits.
While it was eclipsed by SHIB, Polygon remains a popular asset among ETH whales to the tune of $332.59 million.
Crypto analytics firm IntotheBlock reports that 52% of SHIB owners are currently holding the token at a price below what they initially paid in light of the recent market-wide crypto sell-off.
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