Shiba Inu remains a safe bet for Ethereum whales

Shiba Inu has managed to maintain its position as the largest altcoin held by the largest whales on the Ethereum network amid a slowdown in the crypto-currency market.

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

The platform’s data shows that the top 100 whales on the Ethereum network hold $269.7 million in ETH and $5.38 million in SHIB, followed by $4.5 million in USDC, Circle’s stablecoin.

These whales next hold FTX’s $FTT, averaging $3.45 million per whale. It is followed by the Bitpanda exchange’s native token, $BEST, with $1.8 million held per whale on average. Other top holdings include $USDT, $stETH, $CHSV, $MANA and $MATIC.

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SHIB surpassed FTT to become the largest altcoin holding of Ethereum whales in May. WhaleStats data shows that SHIB accounts for 19.08% of the portfolio of the 100 largest whales on Ethereum, with a total of $548.9 million.

In comparison, FTT accounts for 10.34% of their portfolios, with total holdings of $297.5 million, followed by BEST, which accounts for 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 about one million eight months ago. In November of last year, Shiba Inu saw the number of its holders surpass the one million mark, even as its price began to fall after a bull market that saw it outperform many other assets as its community grew.

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This new market milestone of 1.2 million holders came as trading volume on the blockchain for SHIB fell to a 15-month low. In April 2022, about 213,000 SHIB transactions were recorded on the blockchain, down from an all-time high of 1.38 million in October last year, in June that number dropped to 157,889.

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