Shiba Inu ($SHIB) Retains Ethereum Whales’ Largest Token Position Despite Rising Burn Rate


Despite a market decline, the meme-inspired cryptocurrency Shiba Inu ($SHIB) has maintained its status as the biggest altcoin held by the top whales on the Ethereum ($ETH) network.

According to statistics from the whale tracking firm WhaleStats, the greatest Ethereum whales have not sold their Shiba Inu holdings over the last several months and continue to retain SHIB as one of their largest assets, second only to Ethereum.

The platform’s data indicates that the dollar worth of whales’ SIB holdings decreased as investors fled to the protection of the U.S. currency amid a broader market sell-off. Year-to-date, the U.S. Dollar Index (DXY) has risen over 18.3%, while the value of other fiat currencies, such as the Euro and the Great British Pound, has fallen.

The 1,000 greatest whales on the Ethereum network possess, on average, $21.4 million worth of the network’s native $ETH token, $6.5 million worth of the USDC stablecoin, and $5.9 million worth of USDT, according to statistics from WhaleStats. Behind the stablecoins and the network’s native token lies $SHIB, which has an average holding value of $1.75 million.

In May, SHIB traded FTT for Ethereum whales‘ greatest altcoin holdings, as reported by CryptoGlobe. According to statistics provided by WhaleStats, SHIB accounts for 6.47 percent of the portfolios of the 100 biggest whales on Ethereum, with total holdings of $175,6 million. In comparison, Ethereum’s top whales currently control $15.9 million in $FTT, or little more than 0.5% of their portfolios.

As reported by CryptoGlobe, data from crypto analytics company Santiment indicates that online talks regarding Ethereum ($ETH), $XRP, Cardano ($ADA), Shiba Inu ($SHIB), and Polygon ($MATIC) have increased over the last week, while debates about other crypto assets have decreased dramatically.

Notably, the pace at which tokens of the meme-inspired cryptocurrency Shiba Inu are burnt increased by 3,000% earlier this month, reaching 200 million SHIB in under 24 hours.

Also Read: C. Lagarde says cryptocurrency might hurt central banks

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