As one of the strongest corrections in the altcoin market takes place, whales continue to grow their wallets with Shiba Inu (SHIB) and Ethereum (ETH). This news is very positive for the meme token as the Shiba Inu was experiencing a recovery rally over the weekend and then paused as financial markets opened on Monday. Ethereum, on the other hand, has reached a record level in whale accumulation. cryptocoin.com as WhaleStats and Santiment data.
Giant wallets continue their altcoin savings
The purchase of the whales may have aimed to both buy the market drop and support the market recovery rally. However, the TradingView chart shows that large buys fail to keep SHIB from following the main trend of the market. The meme token rose almost 16% over the weekend, then quickly slumped below $0.00002, reaching a value it hasn’t seen since the beginning of October 2021.
Shiba failed to regain first place
The Shiba Inu is “trying” to reclaim the top spot as the largest token position among Ethereum whales, while the cryptocurrency of the FTX exchange was overtaken by FTT with $1.3 billion. After the recent market plunge, the value of Shiba Inu assets has dropped significantly and is currently valued at $1.1 billion; this is the lowest point since October’s 1,000% run, when whales held about $1.2 billion worth of tokens.
A new record has now been reached in whale accumulation
The Santiment on-chain analytical agency reported that the largest over-the-counter whales continue to accumulate Ethereum as the price remains at just under $2,270. According to the firm’s data, the largest over-the-counter wallets are buying ETH from the “weak hands” and have accumulated 26.22 million ETH so far in the current price drop, according to the firm’s data. The Santiment tweet also indicates that non-exchange wallets continue to eclipse wallets based on centralized crypto exchanges. It currently holds the lowest amount of Ethereum since August 2015, according to the data; 3.52 million tokens. This is worth $59,506,957,092 at the current price of $2,221.
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