Whales Take Action: SHIB Leaves Its Place To This Altcoin!

  • The trending meme coin of the crypto world Shiba Inu (SHIB)while continuing to rank highest among whale assets by value in USD, it has lost a significant position to a smaller altcoin.

The second largest meme cryptocurrency shiba inuremains the cryptocurrency with the largest position by USD value held by the top 100 whales on the Ethereum chain. However, it has dropped from the most traded token position to be replaced by a minor altcoin. he has left.

According to a tweet shared by WhaleStats, a popular crypto monitoring platform, a few hours ago, an automated yield-farming, lending, borrowing and staking protocol that uses tokenized yield funds to pay back debts and a decentralized finance (DeFi) with platform alchemix‘s native cryptocurrency ALCXbecoming the most traded token, surpassing the Shiba Inu and many whale-favored cryptocurrencies.

It is also among the most used smart contracts by Ethereum whales, according to data from data platform WhaleStats. alchemix ranks ninth.

Alchemix is ​​a project that allows users to create yield-backed synthetic tokens that can be used to pay off debts. The Alchemix Finance protocol allows users to open collateral-based loans that are automatically paid using the yield generated by the collateral.

ALCX is a cryptocurrency that can be staked and earned in liquidity pools and also gives its holders a vote in the management of Alchemix’s decentralized autonomous organization (DAO).

ALCX, the 434th-ranked cryptocurrency on the cryptocurrency list according to CoinGecko data, is trading at $34.38 at the time of writing, an increase of over 35 percent compared to last month.

SHIB remains the most held coin after ETH and Stablecoins

Alongside stablecoins and Ethereum, SHIB holds the largest portion of whale portfolios, according to Whalestats data. The token’s share accounts for 10 percent of the total and equals $660 million. By comparison, the overall market value of the Shiba Inu project is around $6.6 billion.

Thus, the top 2,000 ETH holders also hold 10 percent of the entire capitalization of the Shiba Inu, holding 10 percent of their portfolio in SHIB.

The entry of such big crypto market players into the project, which was considered a joke by many a year ago, shows that they appreciate the merits of the Shiba Inu team. SHIB’s ranked neighbors Decentraland (MANA), Chainlink (LINK) and Polygon (MATIC) Considering that there are brilliant crypto startups like SHIB, its share still outperforms the share of these tokens by a large 5x.

Shiba Inu had a busy week

The past week has witnessed a series of good news and events regarding the Shiba Inu. That’s why the project, which celebrated its biennial birthday on August 2, has revealed a number of details about the highly anticipated game “Shiba Eternity” developed in collaboration with PlaySide Studios. In addition, this announcement did not escape the attention of Ethereum whales.

Also, Binance, one of the world’s largest crypto exchanges, has announced that it has included SHIB in its list of cryptocurrencies that can be used to pay with Binance Card. This event also made it possible for SHIB to be used as a method of payment in the European Economic Area.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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