Meme coin Shiba Inu (CRYPTO: SHIB) overtook FTX Token (CRYPTO: FTT) — the native coin of major U.S. cryptocurrency exchange FTX — late Monday as the most popular token among Ethereum's (CRYPTO: ETH) heaviest wallets, in terms of dollar value.
What Happened: The news follows a relatively unknown token recently becoming the most traded cryptocurrency among large Ethereum holders.
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Ethereum whales, crypto-speak for large holders, preferred Shiba Inu over FTX Token on Monday, according to data shared by WhaleStats, a service that tracks the actions of cryptocurrency whales.
Data reported by the service showed that Shiba Inu briefly overtook the FTX token as the most popular token among the top 1,000 Ethereum whales. As of press time, FTX has again overtaken Shiba Inu at $1.4 billion against the latter's $1.36 billion.
See Also: Shiba Inu Price Prediction
The uptick in holdings among whales took place when Shiba Inu's price approached its technical critical support level of $0.00002347. The top Ethereum whale holds 35 trillion SHIB for a total value of about $984 million — crowing the token as the fourth most valuable token balance held in the wallet, worth nearly 11% of its total value.
Price Action: As of press time, Shiba Inu traded at $0.00002326 after seeing its price increase by about 1% over the last 24 hours.