The Ethereum whales have been bullish on FTX Token for a while. The token had even successfully taken over as the largest holding by dollar value for the top Ethereum whales. However, this would quickly change during the market crash as other better performing tokens had taken over. This would prove to be only short-lived though given that as the market has recovered, Ethereum whale holdings in FTX Token have begun to grow.
Competing For The Top Spot
Over the last week, interest in the FTX Token has been climbing. This can be attributed to the rise in the price of the digital asset as well as its native crypto exchange, FTX, being in the news for all of the right reasons. This has seen activity from Ethereum whales who have taken to purchasing the digital asset in large volumes.
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FTX Token has now climbed back to become the third-largest token holding by dollar value. This puts it behind big players such as Shiba Inu and USDC on the list. In the last 24 hours, it has recorded one of the largest average volumes when it comes to trading volume across the largest whales. This has put it ahead of the likes of APE and FTM on the list, with an average volume of $71,590 or 2,440 tokens at the time of this writing.
FTX Token trading $27.9 | Source: FTXUSD on TradingView.com
With the increase in whale activity, FTX Token token holdings of the top ETH wallets have grown to $298 million. It now makes up 10.34% of the top 100 Ethereum whale wallets, putting it ahead of BEST, which makes up 6.4% of the whale holdings. The token is also the second most purchased token in the last day, with an average of $71,590 purchased.
Shiba Inu is Still Ethereum Whales Favorite
Although FTX Token has been gaining popularity among Ethereum whales, it is still overshadowed by the whales’ support for Shiba Inu. The meme coin has held dominant when it comes to the holding of these Ethereum whales, and it has not let up.
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It continues to outshine by making up 19.08% or $548.9 million. This number is down more than 50% from their all-time high value holding due to the market conditions but remains a prominent holding among the whales.
Other top holdings are ETH, which is the largest holding of the whales. USDC continues to feature at the top of the list with an average of $5.3 million held by the whales, as well as stablecoin USDT. Others include BEST, MANA, and MATIC, featuring heavily on the list of top 10 holdings by dollar value.
Featured image from Cryptoknowmics, chart from TradingView.com
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Source: https://bitcoinist.com/ftx-token-trading-volume-shows-ethereum-whales-are-becoming-bullish/