Data from WhaleStats made it known that major Ethereum whale investors are aggressively acquiring PAXG and Shiba Inu, the crypto gold. Due to the surge in interest, PAXG has surpassed stablecoins and Ethereum itself to take third place in the portfolio of the top 100 ETH whales. As a result, this investment group’s portfolio contains 5.04%, or $138,364,546, of Paxos-issued crypto gold.
- Ethereum whales are buying up Shiba Inu and Paxos to hedge their holdings during the crypto winter
- Both SHIB and PAXG have reached the top of the holdings charts among Ethereum whales
- Hundreds of millions of dollars worth of SHIB and PAXG are currently being held in whale wallets
Large Ethereum investors’ actions may be explained by their intention to build a kind of safety net or insurance fund in case the financial markets continue to deteriorate. Then, gold could be a desirable asset to hold onto when the chances of stagflation and the ensuing recession increase. At the same time, investors who do not want to exit the cryptocurrency industry could choose PAXG, a one-to-one gold-backed cryptocurrency.
📰 JUST IN: $PAXG @paxosglobal has flipped $stETH for biggest holding by dollars among top 100 #ETH whales
— WhaleStats (tracking crypto whales) (@WhaleStats) October 20, 2022
Check the top 100 whales here: https://t.co/N5qqsCBeXR
(and hodl $BBW to see data for the top 5000!)#PAXG #stETH #whalestats #babywhale #BBW pic.twitter.com/RiWh1zyCZt
However, PAXG does best when compared to Bitcoin, which is intriguing considering that the biggest cryptocurrency claims to be gold 2.0. Crypto gold is also exhibiting impressive price movement when compared to Ethereum.
Shiba Inu (SHIB) Is One Of The Favourite Tokens Among Whale Investors
Surprisingly, SHIB ranks as one of the top five assets by position size in the portfolios of the top 100 Ethereum whales, following PAXG. Shiba Inu is the owner of $122.8 million, or 4.47%, of the entire portfolio capitalization of this investment group. The magnitude of SHIB is still significant. Even though its share has been dropping along with the downward trend over the last six months.
As we previously reported, more than 3.38 trillion SHIB were transferred from one unidentified wallet to another newly formed cryptocurrency wallet on October 18th, 2022. The new cryptocurrency wallet only currently supports SHIB, which is likely its only and primary use. The current value of this 3.38 trillion SHIB token transaction is around $34 million. Even if the market value is now at about $5.53 billion, this is a sizable number.
🐳 The top 5000 #ETH whales are hodling
— WhaleStats (tracking crypto whales) (@WhaleStats) October 18, 2022
$126,088,527 $SHIB
$89,973,880 $MKR
$71,355,790 $UNI
$69,896,957 $BIT
$65,809,824 $LOCUS
$46,993,940 $LINK
$37,888,770 $MOC
$36,535,044 $BEST
Whale leaderboard 👇https://t.co/kOhHprRmd1 pic.twitter.com/D7Saz6NwuI
This is due to the fact that the price of SHIB will drop significantly in a short amount of time if that whale chooses to short all of that SHIB. Now that they are aware of this action, investors will be cautious; some may even get panicked and begin selling. The price appraisal of SHIB at the moment, however, makes such a move somewhat troublesome. But I’ll talk more about it later.
Shiba Inu still holds the top ownership position among the top 2000 ETH whales as of the time of writing. According to WhaleStats, the top 2000 ETH wallets have a combined value of SHIB in their wallets of $126,088,527 ($126.08M). This amount is $2 less than it was on October 18.
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