The Ethereum Whales’ Favorite Small Cap Altcoins

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As the high cap coins have con­tin­ued to lose val­ue, Ethereum whales have shift­ed their empha­sis to less­er cap alt­coins in an attempt to prof­it from the bear mar­ket. These coins were pre­vi­ous­ly unknown out­side of their own com­mu­ni­ty nich­es, but sig­nif­i­cant investors are bring­ing them to light. Giv­en the flow of whales into Shi­ba Inu before it peaked, whale hold­ings in small­er cap coins are attract­ing investors’ attention.

What Do Ethereum Whales Have?

Fol­low­ing the suc­cess of meme coins such as Doge­coin and Shi­ba Inu, a great num­ber of coins entered the mar­ket. As the mar­ket slows and these leading’shitcoins’ lose val­ue and attrac­tion to investors, oth­ers have risen to take their place.

Accord­ing to WhaleStats data, Ethereum whales are not yet done with the meme coin fren­zy. This is demon­strat­ed by their top hold­ings in small­er cap alt­coins, indi­cat­ing that they are still active in the meme coin sec­tor to some extent. One in par­tic­u­lar has devel­oped a name for itself, with Ethereum whales hold­ing more than $3 mil­lion in tokens.

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Shib­Doge is anoth­er meme coin that blends the pop­u­lar­i­ty of Doge­coin and Shi­ba Inu into a sin­gle token. Accord­ing to the whale wal­let track­er, the top Ethereum whale wal­lets hold an aver­age of $3,184,962 of this cryp­tocur­ren­cy. Oth­er tokens held in high quan­ti­ties by promi­nent whales include VOY, PAN, ANCT, and THX.

Shi­ba Inu has sur­passed FTX Token as the sec­ond-largest token hold­ing among the top 100 Ethereum whales. SHIB now accounts for 13.46 per­cent of all whale hold­ings, with $519,584,933 in total whale hold­ings, trail­ing only ETH and USDC.

Patterns of Whale Trade

The top whales’ trad­ing vol­ume also reveals which coins they are bull­ish on. There have been the typ­i­cal favourites that con­tin­ue to make the list over the last 24 hours, but there are some new ones mak­ing an impact among these major holdings.

FTX Tokens is now the token with the high­est trad­ing vol­ume, while the fol­low­ing coin on the list is a new­com­er. Shib­Doge is cre­at­ing a name for itself, now rank­ing sec­ond among tokens with the high­est trad­ing vol­umes in the last day, with an aver­age trad­ed vol­ume of more than $3 million.

The sta­ble­coin USDC ranks third, while ETH, BUSD, and USDT rank third, fourth, and fifth, respec­tive­ly. Anoth­er sta­ble­coin, DAI, is in sixth place, indi­cat­ing that Ethereum whales are also look­ing for refuge in stablecoins.

The oth­er names on the list are LINK, CRV, and UNI, with UNI being an espe­cial­ly intrigu­ing addi­tion. The acqui­si­tion of mar­ket aggre­ga­tor Genie by Uniswap, as well as the immi­nent air­drop, has reignit­ed inter­est in the token as the DEX expands into the NFT sector.

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