The largest Ethereum (ETH) whales are heavily invested in the popular memecoin Shiba Inu (SHIB) as the crypto markets flash signs of life, according to on-chain data.
Blockchain-tracking service WhaleStats reports that SHIB is the top altcoin holding among the 1,000 largest ETH whales, excluding ETH itself, the stablecoins Tether (USDT) and USD Coin (USDC), and Lido Staked Ether (stETH).
The top ETH 1,000 wallets hold more than $161.8 million worth of SHIB, good for about 5% of their combined holdings.
Shiba Inu is trading at $0.000011 at time of writing. The 15th-ranked crypto asset by market cap is down 3.84 in the past 24 hours but up 21% in the past seven days. The Dogecoin (DOGE) competitor remains more than 87% down from its all-time high of $0.00008616, which it hit in October 2021.
After SHIB, the top 1,000 ETH whales’ next-favorite investment is the Bitpanda Ecosystem Token (BEST). Bitpanda is a crypto, stocks and precious metals investment platform. The top 1,000 whales own more than $145.1 million worth of the platform’s token, good for about 4% of their holdings.
BEST is trading around $0.331 at time of writing and is down 0.7% in the past 24 hours.
Next on the list is the Ethereum-based stablecoin Dai (DAI). The top 1,000 whales own more than $104.5 million worth of the stablecoin, good for about 3% of their holdings.
Rounding out the list is BitDAO (BIT), a decentralized autonomous organization (DAO) that enables BIT holders to support an ecosystem of crypto projects. The largest 1,000 ETH whales hold over $64.84 million worth of BIT tokens.
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