FTX Loses Its Spot to Shiba Inu as Ethereum Whales Favor SHIB

FTX Loses Its Spot to Shiba Inu as Ethereum Whales Favor SHIB

The world of digital assets paused briefly after Shiba Inu overtook the FTX token in terms of its dollar value. The Cryptocurrency was traded with a preference by several Ethereum whales, large-holders of a particular digital asset.

However, the celebration lasted for a short time after the FTX token got back on track to regain its spot on the global list. Shiba Inu, considered to be a relatively lesser-known token, surprised everyone in the trading community, with many hoping that it could have lasted longer.

Shiba Inu Briefly Surpasses FTX Token

According to data published by WhaleStats, several Ethereum whales simply fell in love with Shiba Inu and ended up trading it more than the FTX token. The result was that it overtook the latter for a while.

WhaleStats is a platform that analyzes the activities of Crypto whales.

At the time of writing this article, SHIB was being traded at $0.000024, down by 10.33% since the last seven days. It has a market cap of $13,248,241,345, which is expected to only rise in the future.

A brief rise followed by a sudden fall of Shiba Inu has got many traders thinking about the future of SHIB. This Shiba Inu price prediction estimates that the digital coin will rebound to touch the mark of $0.0000623 in the fourth quarter.

To paint a brighter picture, Shiba Inu is estimated to reach its all-time high value of $0.00125 by 2026.

Even though the joy lasted for a shorter time, Shiba Inu did get to enjoy its fair share of being the most popular token among the top 1,000 Ethereum whales.

As of the moment, the FTX token – FTT – has come back on track that is way ahead of Shiba Inu. The FTX token now holds a total value of $1.4 billion, while Shiba Inu has $1.36 billion in its pocket.

Shiba Inu had recently inched towards its technical critical support level of $0.00002347. That is when the uptick in holdings among the Whales struck a lightening of fortune in its favor.

Statistically speaking, the top Ethereum whale carries 35 trillion units of Shiba Inu. These are worth approximately $984 million, making Shiba Inu the fourth most valuable token balance held in the wallet.

It was earlier reported that Ethereum whales had been loading SHIB with an aim to burn its supply by launching various initiatives. In fact, Steven Cooper had even published a tweet to clarify that he was looking to support the community in burning 10% of its supply.

Steven Cooper is the Chief Executive Officer of Bigger Entertainment, a Cryptocurrency entertainment firm.

The recent developments for Shiba Inu cover the token being added to Wirex, the leading digital payment platform.

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