Ethereum (ETH) whales are aggressively increasing their holdings of a Dogecoin (DOGE) rival as the crypto market stages a modest recovery.
According to transactions tracker WhaleStats, Ethereum whales have increased their holdings of Shiba Inu (SHIB) by slightly over 580% from $736,000 to over $5 million in under 24 hours, in the process moving the Dogecoin competitor from being their seventh-largest holding to the second-largest holding.
Shiba Inu is now the top holding of the largest 100 Ethereum wallets after Ether.
Besides stablecoins and Ethereum, other crypto assets featuring among the top-10 holdings of the leading 100 Ether whales include Ethereum’s scaling solution Polygon (MATIC), the native token of decentralized virtual world Decentraland (MANA) and the utility token of the Cronos (CRO) ecosystem.
Shiba Inu is trading at $0.00001139 at the time of writing, up by about 6% in 24 hours.
The surge in the Shiba Inu holdings of Ethereum whales comes at a time when 69% of the holders of the 15th-largest crypto asset by market cap are underwater or holding the digital asset at a loss.
Only 27% of the Shiba Inu holders are in profit at the current price while 4% are at the break-even level.
About 26% of Shiba Inu holders have held the crypto for over one year while 70% have held the digital asset for between one to 12 months.
Four percent of Shiba Inu holders have held the crypto asset for less than one month.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Victoriya1994/Boombastic
