Shiba Inu is currently going through a hard battle with FTX token for the biggest whale holding.
Shiba Inu rises to become the second-most popular asset on Ethereum network whale-tier wallets after hitting a three-month low dominance rate on whale addresses.
Race against the FTX token
Despite the fact that Shiba Inu’s dominance has been reduced to 5%, it remains the most popular token, with second place having a long way to go to catch up to the meme-based token.
However, following the fund’s redistribution, the FTX token now holds a near-11 percent share of whale addresses.
With $1.4 billion in large wallet balances at press time, Shiba had lost top place as the largest holding in whale-tier addresses.
The approximately $250 million SHIB sell-off was also not in the asset’s favor, and it was the primary reason for the token’s loss of first place as the largest holding on whale-tier addresses.
The FTX token, on the other hand, has increased in value even further, with whales recently investing another $100 million worth of tokens, bringing the total amount of investments to $1.5 billion.
Whales are starting to congregate once more
Whales have begun to spread their wealth among various tokens, according to activity on whale-tier addresses on the WhaleStats tracker, with the ratio of cash concentrated in stablecoins declining by around 9%.
Large crypto investors tend to expand their holdings for better prices because the market has experienced relatively minimal volatility. Whales have chosen FTX tokens as well as tokens like “BEST” and “GALA,” as seen by the asset distribution. Shiba, on the other hand, has seen some of its money disappear.