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Top 1000 ETH wallets hold $2 billion SHIB, but what does it mean for traders

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Deep-pocketed crypto investors on the smart contract platform Ethereum (ETH) were trending in the news with their acquisition. The top 1,000 whales by assets increased their exposure to the meme-inspired cryptocurrency Shiba Inu (SHIB).

Shopping spree

New data from WhaleStats on 17 February showcased that ETH whales’ holdings surpassed the $2 billion mark as SHIB topped the list of altcoins by total holdings. The top 1000 ETH wallets were holding 18,266,568,894,208 SHIB tokens. This amounted to $2,604,410,281 at press time.

This wasn’t the first shopping foray here. On 16 February, the WhaleStats platform tweeted a fresh list of crypto assets, comprising the largest parts of their holdings. Meme cryptocurrency, Shiba Inu was in the first place, totaling 16.74% worth $1,701,965,649.

Apart from this, the crypto whales also devoured Polygon at an average of $36,735 for 19,919 MATIC tokens. In fact, metaverse game Decentraland cracked the top-10 spot over the last week. Interestingly, the whales dropped $18,505 on average to purchase 5,502 MANA.

Overall, SHIB has had an interesting start to 2022. Despite a few hiccups, it outperformed a majority of altcoins as most of the assets were moving in the “red zone”. However, not everyone was on the same page. Binance Smart Chain (BSC) whales didn’t quite show the same enthusiasm towards the second-largest canine cryptocurrency.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.
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