According to WhaleStats, which examines whale wallet movements, on June 4, the 419th largest Ethereum whale named “BlueWhale0073” added a total of 129,525,133,807 SHIBs worth $1.41 million to its portfolio in the last 24 hours, making Shiba Inu the most HODL among the top 500 Ethereum whales. It became the second cryptocurrency.

The latest purchase by the 419th largest Ethereum whale has increased the value of SHIB assets held by the 500 largest Ethereum whales to $629,675,496. Shiba Inu is second only to FTX token (FTT) by total dollar value among cryptocurrencies HODLed by the top 500 Ethereum whales.

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Although Ethereum whales' interest in Shiba Inu continues to increase, the popular meme token continues to decline. Shiba Inu, which closed 6 weeks in a row with losses similar to Bitcoin, will close the 7th week in red if it completes the week at these levels.

Shiba Inu ranks 17th among all cryptocurrencies with a total market capitalization of $5.96 billion. Shiba Inu (SHIB), which has lost around 1.5% in the last 24 hours, is trading at $0.00001076 at the time of writing, 87% below the all-time high (ATH) of $0.00008615 reached in October, according to CoinGecko data.

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Ethereum-based XCN Challenges the Market

XCN, the service token of the cloud blockchain protocol Chain, surged more than 70% in 10 days while most other cryptocurrencies were either bearish or flat.

XCN was trading around $0.10 on May 25, and at the time of writing, the cryptocurrency is trading at $0.15. The asset also appears to have improved its market cap ranking since mid-May. The company also announced that it continues to hire new employees despite the widespread recession in the crypto markets.

Additionally, XCN was launched last month on BNB Chain, the blockchain network of Binance, the world's largest crypto exchange platform by volume. Through the BNB Chain, the crypto asset can now also be bought and sold using the crypto exchange platforms Huobi, Gate.io and KuCoin.