Ethereum has been off to a rough start this year as it has wiped out $1,500 in its valuation. Though the star altcoin dominates with great human capital, other altcoins have been growing faster. The total monthly developers across the cryptoverse hit a record high of 18,000 and as usual, the king altcoin retained the highest number.
Though the Ethereum network holds the largest human capital that its rival networks, they are catching up with a rapid rate of development. This might be one of the major reasons why ETH whales are looking out for other altcoins to make their investment.
According to the recent report revealed by Electric Capital, ETH rivals like Polygon, Solana, Binance Smart Chain, Polkadot, and Terra are evolving faster in terms of development.
Veterans across the cryptoverse pondering over the problems associated with Ethereum, and favoring other altcoins which have had significant growth in 2021.
Ethereum Whales Looking For Other Altcoins!
Another interesting data that has been creating a lot of media buzz is been ETH whales accumulating stablecoins and other altcoins. Recent analytics from the whalestats has revealed that the top 1,000 non-exchange ETH wallets capitulated a huge chunk of dollars worth of USDT, USDC, and Binance USD over the past week.
Notably, whales accumulated $62,569 worth of Polygon (MATIC) followed by stablecoin FlexUSD. Further, HEX and Chainlink were whales’ favorites where they capitulated $28,133 and $27,394 worth of tokens respectively.
WhaleStats data also concluded that some of the filthy ETH whales make great individual investments. The 4th ranked ETH whales have made a purchase of 200k LINK and 1k Maker.
Collectively, Ethereum is repeatedly failing to handle its high gas fees and by turning deflationary it is likely to kill all of its supply too in the future. It is not like ETH whales are not accumulating the star altcoin, they are doing it but capitulation levels have drastically reduced. Hence, if its merger turns out as a fluke, then it looks feasible that other altcoins might steal the show.
Source: https://coinpedia.org/ethereum/ethereum-price-is-losing-its-grounds-eth-whales-diversifying-to-these-altcoins/