Ethereum Whales Pouncing on Dogecoin Competitor Shiba Inu Amid Crypto Market Downtown,


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.

According to a new tweet from the whale-tracking website WhaleStats, SHIB has surpassed ETH layer-2 scaling solution Polygon (MATIC) as the top traded crypto asset among the top 500 Ethereum wallets.

“Just in: SHIB flipped MATIC for most traded token among top 500 ETH whales.”

Source: WhaleStats

The data tracker goes on to say that the top 5,000 Ethereum wallets collectively hold $1.46 billion worth of Shiba Inu tokens.

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.

In contrast, the firm says that 57% of investors in rival dog-themed altcoin Dogecoin (DOGE) are currently making profits.

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Featured Image: Shutterstock/KDdesignphoto/Jackie Niam/Vladyslav Severyn

Read More: Ethereum Whales Pouncing on Dogecoin Competitor Shiba Inu Amid Crypto Market Downtown,

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