Ethereum Whales Run to Stablecoins and Two Altcoin Projects As Bitcoin Tests $40,000

As the overall markets shake off a mid-week shockwave that sent prices tumbling, big players in the crypto world are scooping up some lesser-known and safer digital assets.

Fresh data from blockchain-transaction tracker WhaleStats reveals that over the past 24 hours Ethereum whales are feasting on SUSHI, the governance token of the decentralized exchange SushiSwap, with an average purchase amount of 2,008 tokens for a buy-in of $8,272.

At time of writing, SushiSwap is ranked #116 by market cap, down by 6.04% and trading for $3.90. The altcoin has been ranging sideways ever since tumbling from above $6.50 back on January 20th.

Also popular among the 1,000 wealthiest non-exchange Ethereum addresses is Crust Network (CRU) which brands itself as “Web 3.0 storage for the metaverse.” The open-source project prioritizes decentralization and privacy and can operate across numerous platforms including Solana (SOL), Polygon (MATIC) and Binance Smart Chain, powered by Binance Coin (BNB).

On average, the whales accumulated 856 CRU for a total cost of $4,992.

Crust Network is up big today, seeing a 17.15% increase in price to $6.37.

The whales bought into a pair of stablecoins as well, including nearly 25,000 Tether (USDT) and more than 8,200 US Dollar Coin (USDC) on average.

Other notables rounding out the top-10 with moderate buy-ins are layer-2 scaling solution Polygon, virtual world The Sandbox (SAND), layer-2 zero-knowledge rollups protocol Loopring (LRC) and decentralized oracle network Chainlink (LINK).

Currently, leading crypto Bitcoin (BTC) is clinging to the $40,000 level by a hair, down another 3.96% today and priced at $40,098.

Second-ranked digital asset Ethereum (ETH) has ceded the $3,000 line and is down 5.66% to $2,790.

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Featured Image: Shutterstock/Teo Tarras/Natalia Siiatovskaia