Shiba Inu is currently going through a tough battle with the FTX token
After hitting a three-month-low dominance percentage on whale addresses, Shiba Inu rises and becomes the second-most popular asset in Ethereum network whale-tier wallets.
Race Against the FTX Token
While Shiba Inu’s dominance has fallen to 5% previously, it remains the most popular token, with second place having a long way to go to catch up with the memes-based token. But after the fund was redistributed, the dominance of the FTX token over whale addresses reached nearly 11%.
At press time, Shiba has lost first place as the largest holding on whale-tier addresses, with $1.4 billion in large wallet balances. The sell-off of approximately $250 million SHIB also was not a play in the asset’s favor, which was the main reason behind the token losing first place as the biggest holding on whale-tier addresses.
The FTX token, on the other hand, gained even more value, with Whales recently adding an additional $ 100 million in tokens, bringing the total value of investments to $ 1.5 billion.
Whales are accumulating again
According to the activity on whale-tier addresses on the WhaleStats tracker, whales have started to redistribute their funds among various tokens, with the percentage of funds concentrated in stablecoins dropping by approximately 9%.
As the market has experienced relatively low volatility, large crypto investors tend to increase their holdings for better prices. And as the asset allocation suggests, the whales have chosen FTX tokens and tokens like “BEST” and “GALA”. Shiba, on the other hand, lost some of its investment.
