The popular meme coin, Shiba Inu (SHIB), which had previously performed strongly in the market, has lost its lead as the largest USD-valued holding in the market against another token that has seized this position for a month, according to whale watching platform WhaleStats. .
FTT regains lead from Shiba Inu (SHIB)
According to whale watcher WhaleStats, the largest holding among Ethereum whales in dollar terms is no longer the SHIB token. The new leader is FTT, the native token of crypto exchange FTX, one of the whales’ favorite projects. FTX Token has always breathed in the back of the dog coin, and with the decreasing purchasing power of the Shiba Inu (SHIB), it has succeeded in overtaking it and taking over its former position.
At press time, $1.14 billion worth of FTT is held by the 100 largest Ethereum whales in the market, followed by the Shiba Inu with $1.12 billion. However, according to experts, although SHIB has lost its title as the largest holding in USD, it could quickly regain its place in the event of a price increase or additional purchasing power from whales.
According to data from CoinMarketCap, the price of the meme coin has dropped by about 7% in the past week. Experts state that this may be the main reason for the decline in USD value as no significant selling activity was noticed in the market.
As we covered earlier in the cryptokoin.com news, whales were constantly buying massive amounts of Shiba Inu tokens. Experts assess that the main reason for this situation is the desire to take control of the circulating supply and push the price of the token even higher.
The second reason, according to experts, was the large discount in the market for Shiba Inu tokens compared to ATH, which creates a relatively good Risk/Reward ratio for investors specializing in ‘meme coins’ or high volatility assets.
At the time of writing, SHIB is trading at $0.00002389 and according to calculations, if there is a price increase of 2-3% in the next 24 hours, it could overturn the FTX Token. In addition, the regular purchase of approximately 50 billion SHIB will also enable it to regain the first place.
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