Ethereum Whales Pouncing On “Dogecoin’s Killer” Shiba Inu Amid Crypto Market Downturn

Even though evidence suggests that most SHIB investors are still underwater, the world’s largest Ethereum whales are eating up memecoin Shiba Inu.

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

According to the data tracker, the top 5,000 Ethereum whales possess a total of $1.46 billion in Shiba Inu tokens.

FTX Token (FTT), the native asset of the renowned FTX cryptocurrency exchange, is also popular among the investment cohort, with deep-pocketed wallets holding $1.22 billion worth of FTT.

The FTX ecosystem is powered by FTT, which provides traders with lower trading fees and rebates, among other perks.

Despite being surpassed by SHIB, Polygon is still a popular asset among ETH whales, with a market cap of $332.59 million.

In light of the recent market-wide crypto sell-off, crypto analytics firm IntotheBlock says that 52% of SHIB owners are currently holding the token at a price lower than what they originally paid.

In contrast, the firm claims that 57% of investors in Dogecoin (DOGE), a dog-themed altcoin, are currently profiting.

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Patrick

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