Whales Accumulate Both FTX Token and Shiba Inu in January 2022: A Deep Dive
In January 2022, a fascinating trend emerged in the cryptocurrency market: large Ethereum (ETH) whales were observed accumulating both FTX Token (FTT) and Shiba Inu (SHIB) almost equally. This behavior sparked considerable interest, raising questions about the investment strategies of these significant market players.
Shiba Inu Flips FTX Token: WhaleStats Report
A key observation came from WhaleStats, whose analysts reported a significant shift in whale holdings. Shiba Inu has flipped FTX token for the biggest holding by dollar value among the top 1000 ETH wallets, WhaleStats tweeted after its analysts studied the statistics, which showed a major change in numbers. The data revealed that SHIB had surpassed FTT to become the largest token by dollar value held by these influential investors, representing a notable development in the crypto landscape.
Shiba Inu's Rise in Popularity Among Ethereum Whales
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. This surge in popularity indicates a renewed interest in SHIB among wealthy Ethereum holders, positioning it as a prominent asset within their portfolios. Race against other tokens to be a popular investment choice amongst these high-value investors.
$300 Million Increase and Potential Drivers
The $300 million increase in the value of whale holdings might be tied to both price increases on Shiba Inu and the large purchase of tokens from whales. As for the price increase, Shiba Inu is showing bullish signs. This surge in value can be attributed to both the increasing price of Shiba Inu and the considerable token purchases made by whales themselves, fueling further market activity.
SHIB Dominance and Current Market Dynamics
SHIB dominated the ETH rich list for two months but has now found competition from other assets like FTX. The top 1000 ETH whales are accumulating both Shiba Inu and FTX Token almost equally this week, suggesting a diversified approach to their cryptocurrency investments.
Conclusion: A Mixed Bag for Whales
The concurrent accumulation of FTX Token and Shiba Inu by whales in January 2022 highlights a complex investment landscape. While Shiba Inu momentarily surpassed FTX Token in dollar value holdings, the overall trend indicates a diversified strategy among large Ethereum holders, suggesting they see potential in both assets.