Crypto whales have found refuge in meme coins amid the crypto market meltdown. Interestingly, whales have been accumulating Shiba Inu (SHIB), ShibDoge, and Dogecoin (DOGE) amid recent developments by these meme coins. Today, ShibDoge, the second-largest holding among whales, flipped Shiba Inu (SHIB) to briefly become the top holding token by dollar value.
Shiba Inu (SHIB) Sees Rise in Whale Accumulation
Shiba Inu accumulation has been rising among whales in recent days after the announcement of the Shibarium update in June end. This month, the announcements of SHI stablecoin and TREAT reward token by Shiba Inu’s lead developer Shytoshi Kusama have been able to maintain the accumulation trend.
However, WhaleStats today reported that ShibDoge has surpassed Shiba Inu (SHIB) to become the biggest holding by dollars among the top 100 whales. However, SHIB managed to regain its top position in the biggest Ethereum (ETH) whale wallets after a few hours.
Currently, Shiba Inu is the largest holding among the top ETH whales, with a total of $568.82 million worth of tokens. It is followed by ShibDoge with a total of $433.23 million worth of tokens held by the top 100 ETH whales. Despite being a small meme coin, ShibDoge’s burn and NFT exposure might have attracted interest from whales.
At the time of writing, Shiba Inu’s (SHIB) prices are up nearly 5% in the last 24 hours. It is trading strongly at $0.000010 on the back of increased trading volumes. Meanwhile, ShibDoge’s price has soared 23% in the last 24 hours due to whale buying.
In addition, Dogecoin (DOGE) has also seen a massive purchase by BSC whales recently. The rally has come after Elon Musk reaffirms support for Dogecoin that made prices jump 40% in a week. On June 4, BNB whale “Martian Manhunter” purchased 18,800,433 DOGE tokens.
Other Tokens Attracting Interest from Whales
Polygon’s MATIC has been in demand from whales since July started. Polygon is in the news for Sandbox’s LAND deployment on Polygon, partnering with phone maker Nothing for Web3, and NFT-based avatar marketplace announcement by Reddit and Polygon. At the time of writing, the MATIC price is trading at $0.55, up 6% in a day and 21% in a week.
Furthermore, FTX Token (FTT), AAVE, and Uniswap (UNI) are the other tokens in demand this month.
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