Ethereum Whales Just Splurged Over $1,600,000,000 on One Crypto Asset, Pushing Shiba Inu Out of Biggest Altcoin Position

Ethereum whales are gobbling up a new favorite altcoin, temporarily displacing Shiba Inu (SHIB) as the top alternative digital asset amongst big buyers.

Data from whale-surveilling platform WhaleStats indicates the top 1000 largest Ethereum wallets are now holding more than $1.54 billion worth of FTX Token (FTT).

The total value of FTT held by whales briefly skirted above $1.60 billion, enough to temporarily make FTT the biggest token position by dollar value, excluding Ethereum (ETH), among the top 1000 Ethereum whales.

That title has now reverted back to the popular Ethereum-based memecoin Shiba Inu. The top 1000 ETH addresses hold more than $1.78 billion worth of SHIB at time of writing.

FTT is the exchange token of FTX, a cryptocurrency derivatives trading platform for futures, leveraged tokens and over-the-counter trading. The 35th-ranked crypto asset by market cap is trading at $38.54 at time of writing, down 1.64% in the past 24 hours.

WhaleStats also notes that the top 1000 Ethereum wallets hold more than $568 million worth of OKB, a cryptocurrency issued by OKEx Blockchain Foundation. The OKB utility token allows traders on the crypto exchange OKEx to pay for fees, earn interest and participate in new digital asset projects.

OKB, the 28th-ranked crypto asset by market cap, is trading at $28.52 at time of writing, down 4.84% in the last day.

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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia