Shiba Inu ($SHIB) Overtakes FTX's $FTT as Ethereum Whales' Second-Largest Holding

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has overtaken the native cryptocurrency of the FTX exchange, $FTT, as the second-largest holding the largest Ethereum whales have in their portfolios, behind $ETH itself only.

According to data shared by whale monitoring resource WhaleStats, the largest Ethereum whales have been adding SHIB to their holdings over time to the point they now hold over $1.4 billion worth of the meme-inspired cryptocurrency, while holding $1.36 billion worth of FTT.

The top Ethereum whale on the network, as reported by Benzinga, holds 35 trillion SHIB worth nearly $984 million, with the meme-inspired cryptocurrency being the fourth most valuable token on its wallet. The token represents around 11% of the wallet’s total value.

As CryptoGlobe reported, Ethereum whales have been loading up on SHIB as plans to burn the meme-inspired cryptocurrency’s supply through various initiatives have been growing. Steven Cooper, CEO of cryptocurrency entertainment firm Bigger Entertainment, has clarified in a tweet that the company is looking to support the community of the meme-inspired cryptocurrency in burning 10% of its supply.

Bigger Entertainment is one of nine businesses that have committed to using part of their profits to burn SHIB and reduce the cryptocurrency’s circulating supply.  Currently, only 59% of Shiba Inu’s initial supply was still in circulation, as well over 410 trillion SHIB has been burned since the cryptocurrency was launched. 

The meme-inspired cryptocurrency has also recently been added to leading digital payments platform Wirex, which has over 4.5 million users and allows them to spend dozens of currencies at more than 80 million locations worldwide.

Wirex touts it created the world’s first cryptocurrency-enabled payments card in 2015. Earlier this year it expanded to the United States and added numerous other cryptocurrencies including Polygon ($MATIC), Binance’s $BNB, Avalanche ($AVAX), and Fantom ($FTM).

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