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What SHIB flipping MATIC in terms of trading volumes means for traders

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Source: Unsplash

Ethereum whales have once again showcased their loyalty towards their favorite puppy, Shiba Inu. At press time, SHIB witnessed a minor 0.5% correction (24 hours) as it traded at the $0.00002 mark. However, over the last day, it has lost 5.19% of its value.

Even so, the interesting point is- Despite near-term bearishness, whales continued to HODL.

Grabbing this puppy

According to a new tweet from the whale-tracking website WhaleStats, SHIB surpassed ETH layer-2 scaling solution Polygon (MATIC) as the top traded crypto asset among the top 500 Ethereum wallets.

 “Just in: SHIB flipped MATIC for most traded token among top 500 ETH whales.”

In the list of the total holdings of all the tokens, SHIB accounted for more than 14% as compared to other tokens.

Source: Whalestats

In addition, the top 5000 ETH whales’ acquisitions collectively hold $1.46 billion worth of Shiba Inu tokens. Needless to say, SHIB topped the charts here as well. 

Now, “BlueWhale0073′ continued to buy Shiba Inu this month. Since 10 April, the buyer acquired over 1.2 trillion SHIB tokens, along with a few other ETH investors who purchased massive chunks of Shiba Inu.

Again, on 23 April, ‘BlueWhale0073’ address bought a close to 90 billion SHIB – 86,679,001,529 tokens, paying $2,111,500 for that significant amount of crypto.

Besides, ETH whale “Bombur” grabbed a 50,296,290,794 SHIB lump, after having bought a similar amount of SHIB earlier this week.

Pay attention

Apart from SHIB, Polygon remains a popular asset among ETH whales to the tune of $332.59 million. And, why wouldn’t it? Recently, Polygon posted a tweet signaling a big announcement on 22 April. Many in the community expected a merger with PayPal. There hasn’t been any official confirmation though. But whales have been quick to act and acquire MATIC.

However, whales’ purchasing MATIC hasn’t necessarily helped the token. At press time, MATIC suffered another 5.5% correction as it slipped to the $1.38 level.

Notably, as per IntoTheBlock, 55% of SHIB owners are currently holding the token at a loss. The number or the percentage could increase as was the case just a day ago. The loss-share increased from 52% to 55% at press time.

That said, competitors such as Dogecoin (DOGE) maintained a much better record. Curiously, 57% of DOGE holders witnessed massive profits while only 39% suffered losses.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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