New data reveals that the world’s biggest Ethereum (ETH) whales on record are gobbling up stablecoins and other altcoins as Bitcoin (BTC) struggles below $40,000.
According to whale-monitoring bot WhaleStats, the top 1,000 non-exchange Ethereum wallets snapped hundreds of thousands of dollars worth of stablecoins USD Coin (USDC), Tether (USDT) and Binance USD (BUSD) as well as and ETH itself in the last seven days.
The deep-pocketed investors also accumulated $62,569 worth of Polygon (MATIC) on average, followed by flexUSD, another stablecoin.
Coming in at number seven is Hex as Ethereum whales bought an average of $28,133 worth of the crypto asset designed to replace the certificate of deposit.
Decentralized oracle network Chainlink (LINK) takes the eighth with an average purchase amount of $27,934.
Basic Attention Token (BAT), the utility token of anti-ad web browser Brave and Wrapped Bitcoin (WBTC), which represents Bitcoin on Ethereum on a 1:1 basis, round out the list.
WhaleStats also shows that some of the richest Ethereum whales in existence are making huge individual purchases amid the crypto market pullback.
The fourth-ranked Ethereum whale on the planet bought nearly 200,000 LINK worth a staggering $3.90 million and 1,000 Maker (MKR) worth about $1.96 million. MKR is the Ethereum-based governance token of MakerDAO, a decentralized autonomous organization (DAO) that’s used to maintain and regulate the stablecoin DAI.
The 141st-ranked ETH whale also bought LINK – 86,475 tokens worth $1.69 million. The large wallet also added 1,099,996 MATIC worth $2.24 million.
Lastly, the 475th-ranked Ethereum whale purchased 326,994 SUSHI worth $1.84 million. SUSHI is the governance token of decentralized crypto exchange platform SushiSwap.
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Featured Image: Shutterstock/ParabolStudio/Natalia Siiatovskaia
Source: https://dailyhodl.com/2022/01/22/ethereum-whales-are-jumping-into-several-altcoins-as-bitcoin-fights-to-break-above-40000/