Shiba Inu becomes second biggest priority for ethereum whales

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Shiba Inu (SHIB-USD), the 15th largest altcoin by market cap, has become the second biggest holding among the top 100 ethereum (ETH-USD) whales, FX Empire reported Monday.

Ether (ETH-USD) whales, who have digital wallets holding an average of $14M in value, keep allocating the most to USD Coin (USDC-USD), a stablecoin designed to be pegged one-to-one to the U.S. dollar.

Created in August 2020, Shiba Inu (SHIB-USD), also known as the “dogecoin (DOGE-USD) killer,” accounts for 13.9% (nearly $400M) of the top 100 biggest wallets, FX Empire noted.

Shiba Inu’s (SHIB-USD) increasing popularity among ether (ETH-USD) whales comes despite a sharp drop in its market value in less than a year amid a broader selloff in cryptos and other riskier assets. The meme coin’s market cap is standing at $5.1B on Tuesday vs. $41.1B from its peak towards the end of October 2021.

By comparison, USD Coin (USDC-USD) occupies 18% of those wallets. And algorithmic stablecoin TerraUST (UST-USD), which collapsed in May after losing its dollar peg, is taking up 12.42% of the wallets.

FTX token (FTT-USD) (8.45%), polygon (MATIC-USD) (1.66%), chainlink (LINK-USD) (1.61%) and decentraland (MANA-USD) (3.01%) are some other digital coins that ether (ETH-USD) whales prefer to hold, according to FX Empire.

Take a look at why ether, verge and dogecoin are the most profitable cryptos to mine.