Shiba Inu, not FTT – Why Ethereum whales have new ‘favorites’

ambcrypto.com:

Developers of the Shiba Inu protocol attempted to move away from the predominantly memecoin narrative in 2020. In an effort to do so, they even introduced new technical services in 2021. This helped fuel community adoption and prices over the years.

In fact, the platform has also forayed into the Metaverse, the next iteration of social media that has seen a lot of hype of late.

SHIB’s price saw a 6% spike on Wednesday as whales – a colloquial term for large holders of a given asset – added to their positions. According to data shared by WhaleStats, the top 1,000 whales by assets increased their exposure to this altcoin significantly. For instance, the largest Ethereum whales hold over $1.4 billion worth of the meme-inspired cryptocurrency.

That’s not all either. SHIB’s holdings ($1.4 B) overtook the native cryptocurrency of the FTX exchange – FTT($1.36 B). Simply put, SHIB is now the second-largest holding of the largest Ethereum whales in their portfolios.