Top 2000 Ethereum Whales Hold $80 Million Worth of SHIB on Average

• Data shows SHIB is still a favorite investment instrument of crypto whales.
• However, SHIB lost 7% in the last 24 hours and 26% in the previous seven days. 
• The top 100 whales on the BNB Chain mostly traded in stablecoins.

According to data from WhaleStats, the tracker of large crypto investors, the meme coin Shiba Inu (SHIB) is still one of the favorite investment instruments of crypto whales. As of today, November 13, the top 2000 crypto whales hold an average of over $80 million worth of SHIB. 

Notably, the price of SHIB has depreciated by around 7% in the last 24 hours and 26% in the previous seven days. While SHIB still trades much below a penny at $0.000009132, large investors have continued accumulating the meme coin.

Furthermore, WhaleState tracks other activities of significant investors, including their most traded currencies, the most widely held token, the most important token position by dollar value, and the most used smart contracts. Interestingly, whales on the Ethereum network (ETH) used the USDC stablecoin smart contract much more than the ETH in the last 24 hours. 

Additionally, the top 100 whales on the BNB Chain mostly traded in stablecoins. The top picks include USDC, BSC-USD, and BUSD.

In other news, the crypto market has been in a week-long bleeding trend following the bankruptcy of the previously second-largest crypto exchange, FTX. Bitcoin (BTC) currently trades at $16,575.43, with a cumulative seven-day drop of over 22%. Notably, BTC broke the two years all-time low of $15k last week when the insolvency news of FTX broke. 

Of the top ten cryptocurrencies, the meme Dogecoin (DOGE) performed the worst on a seven-day scale. DOGE dropped by over 30%, currently trading at $0.08674, its price seven months ago. Following DOGE is Ripple (XRP), falling by 28% in the last seven days, currently trading at $0.353.