The crypto market is falling sharply, led by Bitcoin. In this environment, whale watching platform Whalestats shared the latest movements of Ethereum whales. According to Whalestats, the Shiba Inu is among the top altcoin projects favored by Ethereum whales as crypto markets crash.
SHIB tops whale wallets as Bitcoin drops
New data shows that the biggest Ethereum whales are accumulating Shiba Inu (SHIB) as Bitcoin melts. Whale wallets have an average of over $3.6 million worth of meme coin SHIB. In the last market crash, the Shiba Inu unfortunately added a zero to its price. At the time of writing, SHIB was trading at $0.000008072, losing 3.91% on a daily basis. However, the popular meme coin has dropped 90% from the ATH level it saw 8 months ago.
The latest data from the whale watching platform reveals the investment behavior of the 100 richest over-the-counter Ethereum addresses. Whalestats shows that the average Shiba Inu holdings are 463.5 billion SHIB tokens worth $3,678,367. It also shows that it makes SHIB the largest altcoin holding among Ethereum whales apart from ETH itself and a pair of stablecoins.
Whales are also accumulating these altcoin projects
Naturally, the leading altcoin Ethereum (ETH) is in the first place. It is followed by the US dollar pegged satbelcoins USD Coin (USDC) and Tether (USDT). Whale wallets are also keen on the FTX Token (FTT), the native token of the popular FTX cryptocurrency exchange. Whales hold an average of 140,652 tokens of FTX, equivalent to $3,241,466. Despite the whale interest, FTT is on its way down with the market. At press time, the altcoin was down 4.12% on a daily basis to $23.42.
Another popular crypto asset among the 100 richest ETH wallets is the Bitpanda Ecosystem Token (BEST). The investor group holds an average of $1,744,057 worth of tokens. This is why the altcoin ranks sixth on the whales list. While the market is falling, BEST behaves differently and rises. At the time of writing, the altcoin is changing hands at $0.3991, up 4.84%.
Next up, CHSB, the native token for cryptocurrency asset management platform SwissBorg. On average, whales hold more than 6 million tokens, worth a total of $1,103,966. CHSB’s market performance is also negative. The altcoin is holding at $0.1788, down 2.59%.
Whalestats is also accumulating crypto exchange MXC for $1.1 million from wealthy Ethereum investors. In between, there is the altcoin project Lido Staked ETH (stETH), which has been talked about in recent days. You are now familiar with stETH from Cryptokoin.com news. The last project in the top 10 is Decentraland (MANA). Whales hold 1,039,782 MANA tokens equivalent to $818,039 in their wallets.
