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.