The Shiba Inu remains a safe bet for Ethereum whales

The Shiba Inu has managed to maintain its position as the largest altcoin held by the biggest whales in the Ethereum network amid a downturn in the cryptocurrency market.

According to data from whale-watching service WhaleStats, Ethereum’s largest whales have not parted with their Shiba Inu holdings in recent months, and retain SHIB as one of their largest holdings, behind the ‘Ethereum.

Data from the platform shows that the 100 largest whales on the Ethereum network hold $269.7 million in ETH and $5.38 million in SHIB, followed by $4.5 million in USDC, the stablecoin. of Circle.

These whales then hold FTX’s $FTT, averaging $3.45 million per whale. It is followed by the native token of the Bitpanda exchange, $BEST, with $1.8 million held per whale on average. The other most held securities are $USDT, $stETH, $CHSV, $MANA and $MATIC.

SHIB overtook FTT to become the largest altcoin holding of Ethereum whales in May. Data from WhaleStats shows that SHIB represents 19.08% of the top 100 whale wallet on Ethereum, with a total of $548.9 million.

In comparison, FTT represents 10.34% of their portfolios, with total holdings of $297.5 million, followed by BEST, which represents 6.4% at $184.2 million. Ethereum whales’ SHIB holdings have grown over time, with a recent purchase of 150 billion SHIB adding to their holdings.

Earlier this month, SHIB saw the number of its holders surpass 1.2 million Ethereum addresses, up from around one million eight months ago. In November last year, the Shiba Inu saw its owner count surpass the one million mark, even as its price began to decline after a bull market that saw it outperform many other assets as its community grew.

This new market milestone of 1.2 million holders came as on-chain transaction volume for SHIB fell to its lowest level in 15 months. In April 2022, around 213,000 SHIB transactions were recorded on the blockchain, down from the all-time high of 1.38 million in October last year, in June this figure fell to 157,889.

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