FTX Beats Out Shiba Inu To Become New Ethereum Whale Favorite

FTX has now become the top favorite among Ethereum whales. The spot which had been religiously held by meme coin Shiba Inu had been overtaken by the crypto exchange token which had been making waves in the industry. Multiple large buys from ethereum whales have shown bullish trends towards the digital asset as they continue to accumulate the token.

New Ethereum Whale Favorite

FTX had been making its way up in the list of the highest number of tokens held by Ethereum whales. These whale addresses which hold between 10,000 and 1 million ETH in their balances have been diversifying their portfolios into other altcoins. Shiba Inu which made a name for itself last year made it into the list of the top 10 holdings by these wallets and in no time, became the known favorite among these investors.

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Mostly, these wallets had continued to up their holdings in the meme coin through dips and surges. However, it looks like the time of Shiba Inu has come to an end as it is replaced by a new contender.

FTX trading at $43 | Source: FTXUSD on TradingView.com

With ethereum whales sinking more money into the exchange token FTX, it has quickly risen to the top of the list. Presently, the top 1,000 ethereum whale wallets hold $1,480,681 worth of FTX tokens. For comparison, the same wallets collectively hold a total of $1,149,573 worth of SHIB, putting FTX at least $300,000 ahead of SHIB on the list.

Shiba Inu Not Getting The Greenlight

One of the most upvoted agendas in the Shiba Inu community has been a potential listing on Robinhood. Dogecoin, the cryptocurrency’s number 1 rival, is listed on this platform and is the go-to place for investors getting in on the meme coin market. However, SHIB has been unable to get a listing confirmation from the platform which would help it better compete with Doge.

Related Reading | Companies Holding Bitcoin On Balance Sheet Lose Nearly $7 Billion

Robinhood had finally given a definite answer to the community after months of clamoring for the trading app to list the coin. Its CEO Vlad Tenev recently said in an interview that Robinhood was not listing any new coins, SHIB included. However, this has not stopped the calls for the platform to list the coin and Tenev said that the company heard its customers “loudly”.

Shiba Inu has also been losing on other fronts. Polygon’s native token MATIC has emerged as the most traded token by the top ethereum whales in the last 24 hours. UNI is the most widely held token by the whales, and FTT (FTX Token) holds the biggest token position by dollar value.

Featured image from Somag News, chart from TradingView.com