While Shiba Inu and FTX Token are not exactly an oranges-to-apples comparison, one hardly forms a comparison between the two. Why would they? FTX Token is ranked 26th on the crypto ladder while Shiba Inu holds the 15th spot. There’s a $7 Billion difference in their market capitalization. FTT’s primary utility is derived from the FTX Exchange while Shiba Inu’s comes from mass adoption.
Yes, the tokens do not directly compete on the crypto mainstage. However, they do lock horns in an underground fighting arena hosted by Ethereum whales.
According to Whalestats, FTT and SHIB are the biggest holdings among the top 100 Ethereum whales. When combined, both take up 28% of all Ethereum whale holdings. Surprisingly, the lesser valued altcoin, FTT, is held more widely than Shiba Inu and it looks like FTT is winning the unofficial bout.
As the current allocation stands, top Ethereum whales have allocated 14% of their portfolio to FTT and 13.5% to Shiba Inu. Additionally, FTX Token was more popular during the day, featuring as the most purchased token over the last 24 hours and coming ahead of Shiba Inu.
Interestingly, an Ethereum whale gobbled up $42 Million worth of FTT tokens in a single transaction over the past 24 hours.
FTT and SHIB Price Comparison
Despite the buying spree, whale purchases need not always factor in the price immediately and may take a while to reflect on the chart. With that in mind, it’s safe to say that FTT would not outrank SHIB anytime soon.
Moreover, looking at their charts, a bullish trader would pick most likely pick SHIB over FTT. SHIB was trading close to a major support area and chances of a rebound are high. On the other end, a bearish pattern was active on FTT’s daily chart and bulls had to work harder towards a recovery attempt.
Unless you’re an Ethereum whale, its difficult to see why a trader would pick FTT over Shiba Inu, with the latter’s near-term looking more promising.
At press time, Shiba Inu and FTT were trading at $0.0002212 and $42.16, up by 2.3% and 3.2%, respectively.