In the past 24 hours, several Shiba Inu (SHIB) whales have spent millions on Apecoin (APE), currently the most traded cryptocurrency among the top 100 ETH whales. Alongside Apecoin, the biggest ETH whales appear to be accumulating in MANA, GRT and LINK as we start the week. Whales are moving away from stablecoins USDC, USDT, GUSD, and TUSD as the cryptocurrency market begins to recover slightly.
ETH whales are selling these altcoin projects as the market recovers
According to data provided by WhaleStats, the top 100 whales of the Ethereum network are primarily ETH and cryptocurrencies such as USDC, USDT, GUSD, CHSB and TUSD. going away. Interestingly, the Ethereum-based oracle platform Chainlink (LINK) was among the top-selling altcoin projects in the new week. Whales often take positions in stablecoins in the falling market to avoid highly volatile price movements. We have seen a similar situation in the altcoin market accompanying Bitcoin (BTC), which has dropped more than 5% from its local peak of $42,000.
Ethereum whales list of top-selling cryptocurrencies in the last 24 hours:
- Ethereum (ETH)
- USD Coin ( USDC)
- Tether (USDT)
- Gemini Dollar (GUSD)
- SwissBorg (CHSB)
- TrueUSD (TUSD)
- Bancor (BNT)
- Chainlink (LINK)
- Maker (MKR)
Shiba Inu returns to #1 among the 100 largest Ethereum whales
While the above cryptocurrencies are selling a lot today, the Shiba Inu has returned to the top with new acquisitions despite losing ground recently. As we covered in our analysis of cryptokoin.com, Shiba Inu unexpectedly fell from the top three of the largest whale hodl list on Ethereum, but according to the latest data, it ranks first with nearly $1 billion held by whales.
Second place is the approximately $880 million FTX Token (FTT) held by the biggest Ethereum whales. A total of $990 million in SHIB is concentrated in the hands of the top 100 Ethereum wallets, showing the remaining interest in the meme token. According to the distribution of hodl in the market, the whales are still in fear as the third and fourth largest hodls are stable solutions. Compared to last summer, whales are more actively risking their portfolios.
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