Ethereum Whales changing preferences, bouncing between SHIB to FTT and vice versa

Lately, a lot of changes happening in token holdings of ETH whale wallets; earlier, SHIB got a preference, now FTT has advancement

FTX token is getting priority by Ethereum whales in terms of the highest number of token holdings. Earlier, those wallets were leaning towards the SHIB for a very long time. Now it seems they are changing their preferences and shifting towards FTT. However, it’s not like the crypto exchange’s token topped the meme-coin for the first time. This flipping has been going on lately by top Ethereum whale wallets.

But currently, the FTX token has taken the spot, which Shiba Inu held for a very long time. Yet it’s just another achievement of crypto exchange, which recently got a market valuation of $32 billion in recent funding. It might also be why whale wallets shift from SHIB to FTT. 

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Considering recent accumulation seen when whale addresses with holding 10k to 1 million ETH are diversifying their investment portfolio across other altcoins. Also, the notable thing is despite the market experiencing downtrends, large buyings of digital assets are continuing. Many wallets are still accumulating tokens throughout. 

Shiba Inu was being considered heavily by whales last year, so ferociously that it is placed in the list of top 10 holdings. Meme coin made its position on the list in no time and was a favourite among investors. 

It’s an apparent behaviour shown by Investors to switch their preferences; for now, it seems like Shiba Inu has enjoyed enough, and its time is up. For the sake of example, look at what data shows; currently, the top 1000 ethereum whale wallets are holding SHIB worth $1,149,573, but the same wallets are holding FTT of worth $1,480,681 at the same time. This is a difference of approx $300K.

In the list which shows holdings of whale wallets, ETH remains at the top, and after that, FTT is holding the second most held token for now, which was the place of SHIB earlier. This can be assumed to reflect what is happening with these cryptocurrencies out there. 

SHIB is trying to get listed on the Robinhood crypto exchange, which the firm denied. On the other hand, FTX trading Ltd. is getting huge funding, and that’s enough for its popularity which it’s getting due to investments. Although these are matters of preference, who knows if any other crypto would have performed better tomorrow, it may replace FTT too.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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