Altcoin Replaces Meme Crypto Coin Shiba Inu (SHIB) With Over 1.6 Billion USD | Ethereum Whales Sighted

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Ethereum whales have discovered a new favorite altcoin, temporarily displacing Shiba Inu (SHIB) as the top alternative digital asset among big buyers.

Whale-surveillance platform WhaleStats indicates that the top 1000 largest Ethereum wallets currently hold more than $1.54 billion worth of FTX Token (FTT).

Approximately $1.60 billion in FTT was held by whales, enough for the token to become the biggest position by dollar value, excluding Ethereum (ETH), among the top 1000 Ethereum whales.

Since then, the title has reverted back to Shiba Inu, the popular Ethereum-based memecoin. At the time of writing, the top 1000 ETH addresses hold more than $1.78 billion in SHIB.

FTT is the exchange token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens and over-the-counter trading. In the past 24 hours, the 35th-ranked crypto asset by market cap has fallen 1.64% to $38.54.

Sam Bankman-Fried, FTX CEO, recently listed challenges facing the crypto industry hampering global adoption of cryptocurrencies. 

Additionally, WhaleStats reports that the top 1000 Ethereum wallets hold more than $568 million worth of OKB, a cryptocurrency issued by the OKEx Blockchain Foundation. On the crypto exchange OKEx, OKB utility tokens can be used to pay fees, earn interest, and participate in new digital asset projects.

The 28th-ranked crypto asset by market cap, OKB is trading at $28.52 at the time of writing, down 4.84% in the last day.

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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.

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