Top Ethereum Whales Hold Nearly $900 Million of Shiba Inu ($SHIB)

The top 1,000 Ethereum ($ETH) whales are currently holding nearly $900 million worth of the meme-inspired cryptocurrency Shiba Inu ($SHIB), making it their largest holding beyond Ethereum’s native currency.

According to data shared by whale monitoring service Whale Stats, the top 1,000 ETH whales are holding onto $989 million worth of SHIB, with FTX’s $FTT coming in at a close second, with $891 million in token holdings.

The service adds that whales also hold $329 million worth of Bitpanda’s $Est and $208 million on OKX’s $OKB token, showing a strong bet on cryptocurrency exchange tokens on top of the Ethereum network. Their next largest holding is Polygon ($MATIC), at $186 million.

Next, the data shows whales hold $182 million worth of SwissBorg ($CHSB) and $141 million worth of Chainlink’s $LINK. Finally, they hold $139 million worth of Locus ($LOCUS). It’s worth noting that the list does not include stablecoins like USDC and USDT.

As CryptoGlobe reported, the on-chain transaction volume of the meme-inspired cryptocurrency recently dropped to a 12-month low, at a time in which the number of HODLers keeps on growing, suggesting SHIB token owners aren’t selling even as prices dwindle.

Notably, data from Coinbase’s price pages showed ADA’s typical hold time was of 121 days, while SHIB’s typical hold time was 120 days, meaning users on the platform hold onto these assets for over four months before “selling or sending to another account or address.”

According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”

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Featured image via Pixabay