dailyhodl.com
The largest Ethereum ($ETH) whales are heavily invested in the popular memecoin Shiba Inu ($SHIB) as the crypto markets flash signs of life, according to on-chain data.
Blockchain-tracking service WhaleStats reports that $SHIB is the top altcoin holding among the 1,000 largest $ETH whales, excluding $ETH itself, the stablecoins Tether (USDT) and USD Coin (USDC), and Lido Staked Ether (stETH).
The top $ETH 1,000 wallets hold more than $161.8 million worth of $SHIB, good for about 5% of their combined holdings.
Shiba Inu is trading at $0.000011 at time of writing. The 15th-ranked crypto asset by market cap is down 3.84 in the past 24 hours but up 21% in the past seven days. The Dogecoin (DOGE) competitor remains more than 87% down from its all-time high of $0.00008616, which it hit in October 2021.
After $SHIB, the top 1,000 $ETH whales’ next-favorite investment is the Bitpanda Ecosystem Token (BEST). Bitpanda is a crypto, stocks and precious metals investment platform. The top 1,000 whales own more than $145.1 million worth of the platform’s token, good for about 4% of their holdings.
BEST is trading around $0.331 at time of writing and is down 0.7% in the past 24 hours.
Next on the list is the Ethereum-based stablecoin Dai (DAI). The top 1,000 whales own more than $104.5 million worth of the stablecoin, good for about 3% of their holdings.
Rounding out the list is BitDAO (BIT), a decentralized autonomous organization (DAO) that enables BIT holders to support an ecosystem of crypto projects. The largest 1,000 $ETH whales hold over $64.84 million worth of BIT tokens.
Generated Image: Midjourney