Shiba Inu (SHIB), a meme currency, continues to be one of the preferred investment vehicles of crypto whales, according to data from WhaleStats, the tracker of significant crypto investors. The top 5000 crypto whales hold an average of more than $46 million worth of SHIB as of December 28.
However, the $46 million figure is about $30 million less than what was obtainable among the top 500 Ethereum whales this time last month.
Notably, the price of SHIB has depreciated by barely 1% in the last 24 hours and 4.86% in the previous seven days. Large investors have kept adding to their holdings of the meme coin, even though SHIB is still trading at $0.00000793.
WhaleState also keeps tabs on the other actions of notable investors, including their most popular trading currencies, most popular tokens held by them, most valuable token positions, and most popular smart contracts. Interestingly, over the past 24 hours, whales on the Ethereum network (ETH) have used the USDC stablecoin smart contract far more frequently than ETH by 33%.
Additionally, the top 100 whales on the BNB Chain mostly traded in stablecoins. The top picks include USDC, BSC-USD, and BUSD. However, their trading volumes have been less aggressive compared to ETH Whales.
In a related development, an on-chain analytics firm, IntoTheBlock, recently revealed that large-scale transactions on Shiba Inu (SHIB) suddenly experienced a 300% rise. IntoTheBlock classifies transactions above the $100k price point as ‘large transactions,’ which often reveal the activities of crypto whales.