Ethereum Whales Are Quietly Accumulating One of ETH’s Biggest Competitors

New on-chain data shows that some of the largest Ethereum whales in existence are investing in one of ETH’s primary competitors.

According to the latest weekly numbers from WhaleStats, the top 100 largest Ethereum wallets are making significant investments in Wrapped Luna (WLUNA).

Wrapped Luna is pegged to and can be swapped for Ethereum rival Terra (LUNA).

The coin essentially offers a way for Ethereum investors to gain exposure to LUNA and gives LUNA holders a way to participate in decentralized finance (DeFi) apps on Ethereum.

Wrapped Luna (LUNA) has entered the list of the top 10 most-purchased altcoins among Ethereum whales and stands in the number nine slot at time of publishing.

In the last week, the average whale purchase of the altcoin was about 900 LUNA worth about $76,300 at time of publishing.

The price of LUNA/WLUNA has surged 76% in the last month and stands at $90.29 at time of publishing.

The latest numbers from WhaleStats also show ETH whales continue to trade stablecoins in high volumes, with Wrapped Bitcoin (WBTC) and Chainlink (LINK) also witnessing positive inflows.

Although another ETH rival is on the top 10 list of most-purchased altcoins – the ERC20 version of Ethereum competitor Fantom (FTM) – the numbers indicate that on average, whales actually sold more FTM over the last week than they bought.

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Featured Image: Shutterstock/Tithi Luadthong