Ethereum Whales Rush Into Shiba Inu (SHIB) and Several DeFi Altcoins in an Uncertain Market

The largest Ethereum whales in existence are accumulating meme coin Shiba Inu (SHIB) and a collection of decentralized finance (DeFi) altcoins.

According to blockchain tracker WhaleStats, Ethereum whales, or investors with at least 1,000 ETH in their wallets, are still favoring Dogecoin competitor Shiba Inu.

At time of writing, SHIB is the 10th most purchased token among ETH whales in the last seven days and the third biggest holding among the investor cohort.

ETH whales are also taking a liking to the DeFi sector, particularly decentralized lending system Aave, DeFi platform Nexo, and deep liquidity network WOO Network.

NEXO, AAVE and WOO are the sixth, seventh, and eighth-most purchased altcoins amongst ETH whales over the last seven days, respectively, according to WhaleStats.

Stablecoins USD Coin (USDC) and Tether (USDT) are the two most accumulated tokens among ETH whales over the past week, followed by Ethereum itself and Binance’s BUSD.  Wrapped Bitcoin (WBTC) is currently number five on the list.

WhaleStats’ data also shows that excluding Ethereum, the biggest token position by dollar value among the largest ETH whales is currently FTX Token (FTT). The whale-monitoring tool reveals that the deep-pocketed investors hold $14.84 million worth of FTT on average.

The whales’ latest trend in token accumulation comes as ETH struggles to snap out of a multi-month downtrend, currently changing hands at $2,541.

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Featured Image: Shutterstock/Andi syaputra/LongQuattro