While large-cap coins continued to suffer losses, Ethereum whales have now turned their focus to smaller-cap altcoins in an attempt to profit from the bear market. These coins were previously unknown outside of their community niches, but these big investors are bringing them to the fore. Given the movement of whales to Shiba Inu before it peaked, holdings of whales in small-cap coins are proving attractive to investors.
What Ethereum whales hold
A large volume of coins had made their way into the market following the success of meme coins such as Dogecoin and Shiba Inu. As the market slowed and these top tier “shitcoins” lost value and attracted investors, others floated to the fore to take their place.
Data from WhalesStats shows that the Ethereum whales are not yet leaving the coin craze behind. This is evidenced by their major holdings in smaller cap altcoins, which shows that they are still actively involved in the coin space even to some degree. One, in particular, caused a stir with Ethereum whales holding over $3 million worth of tokens.
ShibDoge is another meme coin that combines the popularity of Dogecoin and Shiba Inu to create a single token. The whale wallet tracker shows that the top Ethereum whale wallets hold an average of $3,184,962 of this token. Others include VOY, PAN, ANCT, and THX tokens, all of which are held in large numbers by top whales.
ETH whales small cap holdings | Source: WhaleStats
This follows Shiba Inu overtaking FTX Token as the second largest token holder of the top 100 Ethereum whales. SHIB now represents 13.46% of the total holdings of these whales and at $519,584,933, it is the third largest holding of whales behind ETH and USDC.
Patterns of whale trade
The trading volume of the the upper whales also show the coins they are bullish on. Over the past 24 hours, there have been the usual favorites that continue to make the list, but there are some new ones that are causing a stir among these big holders.
Related Reading | Why a Grayscale Bitcoin ETF Endorsement Could Have Bearish Results
FTX Tokens currently tops the list for the token with the highest trading volume, but the next coin on the list is a new entry. ShibDoge is making its mark as it currently sits at number 2 for tokens with the highest trading volumes over the past day with an average trading volume of over $3 million.
ETH recovers above $1,200 | Source: ETHUSD on TradingView.com
The stablecoin USDC comes in third place, while ETH, BUSD and USDT occupy the 3rd, 4th and 5th places respectively. DAI, another stablecoin, ranks sixth, which means Ethereum whales are also looking for cover in stablecoins.
LINK, CRV and UNI make up the rest of the list, with UNI being a particularly nice addition. News of Uniswap’s acquisition of market aggregator Genie and upcoming airdrop has sparked renewed interest in the token as the DEX makes its way into the NFT market.
Featured image from CryptoSlate, chart from TradingView.com
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