Ethereum Whales Stockpiling Shiba Inu, Apecoin, and other altcoins – On-Chain Data

YEREVAN (CoinChapter.com) – As Dogecoin (DOGE) capitalized on Elon Musk’s recent acquisition of Twitter and soared in price, Ethereum whales began shopping for other competing altcoins. According to data released by the whale tracking website WhaleStats, the top 5000 whales are stockpiling on Shiba Inu, Apecoin, and several altcoins. Toping the list of their favorite purchases is Dogecoin knockoff Shiba Inu (SHIB).

As WhaleStats reports, the whales have shelled over $1 billion for their SHIB holdings. At the time of writing, a total of 1,139,456 addresses hold SHIB. As a result of the recent activity, Shiba Inu flipped the FTX Token for the top holding spot by USD among the top 100 ETH whales.

Meanwhile, the recently-released Apecoin (APE), which powers the Yuga Labs ecosystem, has become the most-traded token. The Bored Ape Yacht Club (BAYC)- backed coin recently soared as other tokens painted charts red.

MANA, the native token of Decenterland, and SAND, the in-house token of Sandbox are also in the top 10 list of Whale favorites. 

Recommended: Is Shiba Inu the next target for crypto hackers?

Shiba Inu behind Ethereum (ETH) among top 100 whales

Following the transactions by major whales at a micro-level also reveals the favor Shiba Inu enjoys. Among the top 100 Ethereum Whales, Ethereum (ETH) is the only token that is ahead of SHIB at the number 1 spot.  

Popular stablecoins like the Tether (USDT) and the USD coin (USDC) are lagging in comparison to SHIB.

Recent major purchases justify the strong position that Shiba Inu holds. According to the data purchased by WhaleStats, investors are continuously scooping SHIB worth millions from the market.

One such whale, “BlueWhale0073”, bought 219,332,229,787 SHIB tokens for over $5 million. This is currently the fifth-largest Ethereum wallet according to its holding size. Another large wallet “Bombur”, which is the 15th largest wallet, scooped 51,799,991,288 SHIB tokens worth $1,178,967. 

At the time of writing, Shiba Inu exchanges hands at $0.000023 per coin, with a 24-hour trading volume of $725,741,278 USD. Considering that the token is down only 0.52% in the last 24 hours, SHIB seems to be holding up fairly well. However, the price still remains down 74% from its all-time high of $0.00008845 achieved in October last year. 

In contrast, Dogecoin (DOGE), has shed over 7% to take its price down to $0.1422, according to CoinMarketCap.

Meanwhile, the founders of the Shiba Inu recently unveiled their token-burning platform. The new portal will help reduce the token supply thus increasing the price value of SHIB. In return, those that burn tokens will receive rewards as encouragement and compensation.