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On-Chain Data: Ethereum Whales Are Pouncing On Shiba Inu (SHIB) Amid Crypto Market Downturn

According to on-chain data, Ethereum whales are pouncing on the hottest dog-themed token in the market, Shiba Inu (SHIB), amid the unfavorable price trend in the market.

According to the data shared by the whale-tracking platform WhaleStats, Shiba Inu (SHIB) has surpassed Ethereum layer-2 scaling solution Polygon (MATIC) as the top traded digital asset among the top 500 ETH wallets.

Read Also: Could This Be Robinhood? Newly Discovered Anonymous Whale Scoops 177 Billion SHIB, Now Holds 5.57 Trillion SHIB

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

Based on the data provided by the whale-tracking platform, 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.

Read Also: All Shiba Tokens (SHIB, LEASH, BONE) Now Available On Singapore-Based Exchange with over 5 Million Users in 170 Countries

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.

Ethereum Whale BlueWhale0073 Buys 86.6 Billion SHIB

WhaleStats also reported some hours ago that an Ethereum whale identified as BlueWhale0073 initiated the purchase of 86.6 billion worth $2.1 million at the time of purchase.

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WhaleStats tweeted, “ETH whale “BlueWhale0073” just bought 86,679,001,529 SHIB ($2,111,500 USD).”


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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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