Ethereum Whales More Interested In Shiba Inu Than Polygon, Here’s Why

According to data from Whalestats, a tracker for large crypto investors, Ethereum whales have shown more interest in Shiba Inu (SHIB) than Polygon (MATIC). Over the past few days, a large amount of SHIB tokens have been recorded to be stored more than MATIC by Ethereum whales.

Whales are described as the largest investors in an asset. Given their immense buying power and capacity to influence price action, they have always had a significant role in the crypto market.

Ethereum Whales Holds More SHIB Than MATIC

Earlier today, Whalestats revealed that the top 1,000 Ethereum whales hold an average of $619 million, about $500 million higher than their $170 million worth of MATIC. Notably, last month, several reports revealed Ethereum whales massively accumulating MATIC. 

On February 8, Whalestats reported ETH whales buying over $2 million of MATIC. A day later, WhaleAlert, another crypto whale tracker, said that huge MATIC transactions were occurring on the blockchain.

According to the tracker, a trade of 38,000,000 MATIC, worth more than $50,000,000 at the time, was executed from an unknown wallet to an anonymous wallet. Furthermore, the $619 million worth of SHIB, reported by Whalestats, ETH whales hold represents just 10% of Ethereum whales’ altcoins. 

There is a lot of uncertainty about whether the market will see another rally or bearish trend; most investors have their assets stored in stablecoins, a non-volatile type of crypto-backed by real word currency such as the U.S. dollar. 

While the top ETH whales hold $619 million worth of SHIB, they hold more stable assets such as USDC worth $1.06 billion and USDT worth $808 million on average. ETH whales hold more SHIB and MATIC as alternative assets, along with Chainlink (LINK) and Uniswap (UNI). 

SHIB And MATIC Price Action

Regardless of the ETH whales’ interest in it, Shiba Inu (SHIB) is currently in a bearish trend, down by 3% in the past 24 hours with a trading price of $0.00001198 and a 24-hour trading volume of $194 million.

Shiba Inu (SHIB) price chart on TradingView

Though the token is in a downtrend, it is still up by over 40% since the beginning of the year after following the ubiquitous plummet last year. Despite its significant spike since 2023, SHIB is still 86% down from its peak of $0.00008616 in October 2021. 

Meanwhile, MATIC is no different; the asset is still 59% down from its all-time high of $2.92 despite its notable uptrend since the beginning of the year and Polygon’s collaborations with several Web3 and big tech firms. 

Polygon (MATIC) price chart on TradingView

At the time of writing, MATIC is also in a bearish trend along with the rest of the crypto market, down by 3.6% in the past 24 hours with a trading price of $1.20 and a 24-hour trading volume of $487 million. • 2023