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.

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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.

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

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