Shiba Inu Emerges as Top Choice for Ethereum Whales

    Shiba Inu (SHIB) has emerged as the most popular token among the top 500 Ethereum whales, excluding stablecoins, according to data provided by WhaleStats.

    These whales are accumulating around $600 million worth of SHIB tokens, which accounts for approximately 10% of their overall portfolio. While SHIB has lost 22% of its value over the last 30 days due to negative news around the crypto bank Silvergate, it still surged by over 28% in the past 60 days.

    WhaleStats’ data reveals that the top 500 Ethereum whales are also holding significant amounts of other cryptocurrencies such as MATIC, BEST, LINK, CHSB, UNI, LOCUS, and MANA. Furthermore, the number of buyers among these whales is higher than that of sellers, with ETH whales currently buying around $246 million worth of assets, while the amount of cryptocurrencies sold is at the $237 million mark.

    The Bank for International Settlements (BIS) has reported that whales were affected less than smaller holders during the crypto winter, which got colder with the FTX collapse and Terra implosion. BIS has also added that the top crypto dooms had not impacted the financial ecosystem.

    Shiba Inu’s popularity among Ethereum whales can be attributed to its recent surge in value and high trading volumes. The token’s community is also rapidly growing, thanks to its active social media presence and widespread acceptance in the decentralized finance (DeFi) space. However, its volatile nature and susceptibility to market fluctuations make it a high-risk investment.

    In conclusion, Shiba Inu’s emergence as the top choice for Ethereum whales highlights its growing popularity and potential as a viable investment option. As the cryptocurrency market continues to evolve, it will be interesting to see how SHIB and other tokens fare in the long run.

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