KEY POINTS

  • ETH Whales are those who hold more than $1 million worth of crypto
  • $1.3 billion worth of SHIB is held by the 100 biggest ETH whales
  • Shiba Inu was trading up 7.8% at $0.00002445

 

Shiba Inu, the dog-themed meme coin not only deemed as the Doge-killer but also as a shelter for some Ethereum whales, reclaimed its top spot in the whale holding charts.

The coin reclaimed the status after losing it over the weekend. WhaleStats, the blockchain tracking service that monitors the 100 biggest wallets on the Ethereum network, reported that SHIB kicked FTX, the native coin of the FTX crypto exchange, out of the top spot and now is again the leading investment option for whales.

As of 4:14 a.m. ET on Tuesday, $1.3 billion worth of SHIB is being held by the 100 biggest ETH whales in the market, while FTX lagged with $1.1 billion in terms of biggest USD-valued holding.

humpback whale breaches out of New Jersey waters and knocks over a fishing boat
humpback whale breaches out of New Jersey waters and knocks over a fishing boat 272447 - Pixabay

Over the past months, ETH whales, or those who hold more than $1 million worth of crypto in their wallets, have been regularly purchasing huge volumes of Shiba Inu, primarily because they want to control the circulating supply in the market and push the price of the meme coin upward. Another possible reason why ETH whales like SHIB is because of the massive discount of the meme coin in the market vis-a-vis its all-time high.

This has created a good Risk/Reward ratio for investors who like high-volatility assets and meme tokens.

In addition, Shiba Inu has attracted ETH whales' attention because it was doing relatively well in the market compared to other cryptocurrencies.

Last December, an ETH whale purchased 4 trillion SHIB in one transaction, which amounted to around $134 million at the time. On Monday, the blockchain tracking service reported that the whale dubbed Bombur bought a total of 51,799,991,288 SHIB, amounting to $1,178,967.

WhaleStats says SHIB is the most traded and biggest holding in the top 1,000 ETH wallets. The Shiba Inu development team last week launched a new token burning mechanism dubbed the Shib Burn portal, which has burned over 15 billion tokens.

Shiba Inu was trading up 7.8% at $0.00002445, with a 24-hour volume of $1,063,774,821, as of 4:31 a.m. ET on Tuesday, based on the data from CoinMarketCap.

RELATED STORIES