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The cryptocurrency market is quite widely affected by whales. Besides things like government regulations, investing cycles, and fear and uncertainty in price movements, the activity of crypto whales also adversely affects cryptocurrencies. Mostly, Ethereum whales have been on the headlines since the crypto market collapsed. It is mainly because even though they were Ethereum whales, they were mostly hoarding Shiba Inu. SHIB garnered the attention of ETH whales after its developers introduced SHIB to the metaverse. Ethereum might be one of the top cryptocurrencies in the market, but it has suffered incessantly over the past few months after Bitcoin fell, along with the implosion of the Terra ecosystem. Even though SHIB is not the example of an ideal profitable cryptocurrency, its recent initiatives have certainly made it quite alluring for Ethereum whales. Nevertheless, Shiba Inu is not the only cryptocurrency that whales are interested in. Here we have enlisted the top cryptocurrencies that Ethereum whales are accumulating right now.
As mentioned above, Shiba Inu is one of the top preferences of the wealthiest Ethereum whales. As of May 2022, the top 100 Ethereum whales held Shiba Inu, which has directly affected its popularity and growth. SHIB was the most viewed token in 2021, beating major cryptocurrencies like Bitcoin and Ethereum. The crypto's metaverse initiatives have been quite commended by the investment community as it continues to pose serious threats to the likes of Dogecoin and Solana.
FTX is the native token of the crypto trading exchange. This exchange has become quite popular among futures traders. FTX is well-known for being the fourth largest cryptocurrency by trading volume. Ethereum whales generally opt for the FTX exchange since they can acquire incentives to build their position in the FTT. This is one of the several reasons why the FTX token is popular among ETH whales.
Chainlink is a huge hit among Ethereum whales. For the year, 2021, crypto became the most-traded token. Ethereum whales bought and sold LINK tokens exponentially within a period of 24 hours in 2021, surging its popularity and market dominance.
Cardano became one of the top cryptocurrencies to be traded by crypto whales, including Ethereum's after its developers rolled out the Alonzo smart contracts and its successful debacle with its decentralized exchange, SundaeSwap, which instilled renewed interests in the whales. ADA holders are probably moving forward towards easier times as the crypto grows in prominence.
USDC became a popular option for investment among the Ethereum whale community when Terra crashed. USDC is the second-largest stablecoin in the market, and recent data demonstrates that USDC has become a cryptocurrency of choice for whales on the Ethereum blockchain. Initially, USDT suffered a loss of about US$10 billion since UST's failures, but as the crypto market operates based on investor sentiments, similarly, USDC became quite popular among ETH whales.
According to reports, as of March 2022, Ethereum whales held more than US$400 million worth of Tether. But quite shortly after that after TerraUSD de-pegged, USDT lost the trust of wealthy ETH whales. But after witnessing its stability and resilience to overpower some of the most volatile periods of the market, USDT is regaining back its lost reputation amid crypto whales.
Some ETH whales also seem to be fans of the Polygon cryptocurrency, owning nearly US$380 million worth of MATIC tokens. Polygon is created on the Ethereum blockchain and extends the blockchain to act as a multichain network.
Whales are into gaming coins too, and Decentraland is an example of it. Decentraland has emerged as one of the leading metaverse tokens and is currently held by some of the wealthiest ETH whales. Reports from November 2021 revealed that for a period of seven days, ETH whales have invested in no other cryptocurrency other than Decentraland. Quite similarly, since MANA grew more with the rising popularity of the metaverse, so, this trend continued into 2022.
Axie Infinity is another gaming token that ETH whales are loading. The AXS token has also extended its features to the metaverse, making it even more alluring than several other major cryptocurrencies.
The Sandbox collaborated with Standard Chartered Bank to provide an immersive and creative experience to its virtual world users. The Sandbox dropped in value when the crypto market crashed, and ETH whales gathered more and more SAND tokens to take advantage of its benefits when its prices surge again.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
