Ethereum Whales Pouncing on Dogecoin Competitor Shiba Inu Amid Crypto Market Downtown, According to On-Chain Data

The world’s largest Ethereum (ETH) whales are gobbling up memecoin Shiba Inu (SHIB) even while data suggests that most SHIB investors remain deep underwater.

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

“Just in: SHIB flipped MATIC for most traded token among top 500 ETH whales.”

The data tracker goes on to say that 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.

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.

In contrast, the firm says that 57% of investors in rival dog-themed altcoin Dogecoin (DOGE) are currently making profits.

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