Bitcoin (BTC) price dropped below $35,000 after volatility briefly cooled at $36,000. Ethereum, Cardano, Solana, XRP and Avalanche have lost more than 5%, while the price of Terra (LUNA) has been wiped out by almost 20% in the last 24 hours.
Whales are selling these coins/tokens as the altcoin market drops
The chart provided by WhaleStats shows the top 100 Ethereum whales selling altcoin projects in the last 24 hours. Stablecoin giants such as USDT, UST, and USDP are whales’ preferred safe havens to avoid volatile price movements. Interestingly, The Sandbox (SAND), the 44th largest cryptocurrency by market capitalization, is the fourth name on the list, with sales exceeding $1.5k in a short time today. As we have covered in the cryptokoin.com analysis, ETH whales can occasionally put the SAND token at the top of the list of the most purchased.
When we look at the general view of the list, UST is in the 3rd place with its very small transaction volume, and ZRX and CRV are in the last places.
- Tether (USDT)
- Ethereum (ETH)
- Wrapped UST Token (UST)
- The Sandbox (SAND)
- ZRX (ZRX)
- Curve DAO Token (CRV)
- Pax Dollar (USDP)
Ethereum whales are quietly accumulating these altcoins, according to WhaleStats data
Ethereum whales are accumulating in several altcoins as ETH and the general crypto markets shake. According to data from WhaleStats, Apecoin (APE), a token airdropped to members of the Bored Ape Yacht Club community, is the most purchased altcoin among the largest Ethereum whales at the time of writing.
Also caught the eye of whales is Loopring (LRC), an Ethereum-based token that allows creating decentralized exchanges using zero-knowledge proofs. According to the whale watching service, the average Ethereum whale in the top 100 list has an average of 37,880 LRC tokens worth $26,669. The sixth most bought altcoin among Ethereum whales is API3, the native cryptocurrency of the API3 project, which aims to connect traditional application programming interfaces (APIs) to the Blockchain world.
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