Shiba Inu ($SHIB) Becomes Ethereum Whales’ Biggest Token Holding After Flipping FTX’s $FTT

Shiba Inu ($SHIB) Becomes Ethereum Whales’ Biggest Token Holding After Flipping FTX’s $FTT

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has become the top holding of the largest 500 whales on the Ethereum network after surpassing $FTT, the native token of the popular cryptocurrency exchange FTX.

According to whale monitoring service WhaleStats, the largest Ethereum whales have been accumulating the meme-inspired cryptocurrency t the point it became their largest altcoin holding, excluding Ethereum’s native $ETH and stablecoins.

Notably, the largest whales on the Ethereum network have been holding onto FTX’s native token for a longer period, making the flip a surprising one. On average, data shows the largest hales have $5.4 million in SHIB holdings, compared to $8.9 million worth of FTT, although whales collectively hold more SHIB.

Other large Ethereum whale positions include Bitpanda’s $BEST token, as well as OKX’s $OKB and’s $CRO, showing whales are heavily betting on the native tokens of popular cryptocurrency trading platforms. Whale are also holding onto SwissBorg ($CHSB) and $MXC.

Their largest holding is nevertheless in Ethereum, with an average amount held of $390 million. It’s followed by the Centre Consortium’s USDC stablecoin, with whales having on average $10.2 million worth of it on their wallets.

Shiba Inu flipping FTX’s native token as a leading Ethereum whale holding comes shortly after the team behind the meme-inspired cryptocurrency dropped its first clue on an upcoming announcement that according to the cryptocurrency’s lead developer Shytoshi Kusama will “floor everyone.”

The SHIB team has said that entertainment industry veteran Marcie Jastrow has joined its metaverse team and will be working on the project, called “Shib: The Metaverse.”

On Telegram, Kusama suggested that what the Shiba Inu team is “going to announce next week or [the] next week after going to floor EVERYONE.” The lead developer added that even he is “floored” as things are “about to get really interesting.”

Marcie Jastrow was welcomed by the Shiba Inu team and community to work on the meme-inspired cryptocurrency’s project. Jastrow has over 20 years of experience working in the entertainment industry and was an “early pioneer in Immersive.”

As CryptoGlobe reported, Kusama has in the past suggested the deal would “break the internet,” noting many are unaware it’s happening right in front of them.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.


Featured image via Pixabay

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