The cryptocurrency market is hopeless for some. However, crypto whales don’t seem so hopeless. Ethereum whales are collecting some altcoin projects to hedge the bear market.
Ethereum whales turned to ‘gold’ from altcoin projects!
Big Ethereum whales are actively buying crypto gold PAXG, as is known thanks to data from WhaleStats. As a result of the increased interest, PAXG has become the third largest asset in the portfolio of the 100 largest ETH whales, behind only stablecoins and Ethereum. Thus, crypto gold issued by Paxos accounts for 5.04% of this investor group’s portfolio, or a share of $138,364,546.
📰 JUST IN: $PAXG @paxosglobal has flipped $stETH for biggest holding by dollars among top 100 #ETH whales
Check the top 100 whales here: https://t.co/N5qqsCBeXR
(and hodl $BBW to see data for the top 5000!)#PAXG #stETH #whalestats #babywhale #BBW pic.twitter.com/RiWh1zyCZt
— WhaleStats (tracking crypto whales) (@WhaleStats) October 20, 2022
Experts explain such behavior of large Ethereum whales by the desire to create a kind of insurance fund or a cushion of safety in case financial markets become increasingly unstable. When the risks of stagflation and subsequent recession rise, gold may be a good asset to look forward to. At the same time, one-on-one gold-backed PAXG is a great option for investors who don’t want to exit the crypto market.
However, PAXG is interestingly performing well against Bitcoin given the leading crypto Bitcoin’s claim to ‘gold 2.0’. Against Ethereum, crypto gold is also showing convincing price action.
Shiba Inu (SHIB) is still here
Surprisingly, one of the next largest assets by position size in the top 100 Ethereum whale portfolio after PAXG is SHIB. Shiba Inu accounts for 4.47% of the total portfolio of this investor group. That’s the equivalent of $122.8 million. Although SHIB’s share has declined with the downtrend over the last six months, its size is still impressive.
It is unclear how the Ethereum whales’ commitment to SHIB will be explained. On the one hand, it serves as a reliable support for the cryptocurrency itself. However, on the other hand, it remains a major selling threat.
Big moves on SHIB!
According to the data shared by Etherscan, a large transfer such as 417,436,468,992 SHIB took place during the day. Data from Etherscan shows that this is a transaction from one Binance wallet to another. The nominal equivalent of this amount is $4,186,887.
cryptocoin.com As we reported, exchanges and whales have been active lately. It moved around the Shiba Inu in large quantities. On October 18, a significant amount of SHIB was transferred to an empty wallet. This transaction carried 3,388,119,787,804 meme tokens. Thus, the market has probably witnessed the emergence of a new SHIB whale. This meme coin is worth $34,887,130.
🚨 🚨 🚨 3,388,119,787,804 #SHIB (34,887,130 USD) transferred from unknown wallet to unknown wallethttps://t.co/CkmBbOQoRh
— Whale Alert (@whale_alert) October 18, 2022
What’s the latest in altcoin burning?
According to Shibburn data, only 10,343,321 SHIBs have gone to burn wallets in the last 24 hours. More recent data from websites shows a number twice as large. This means that with 25.991.998 SHIB, the burning rate increased by 649.92%.
Source: ShibariumStill, the overall rate of burning SHIB by the community is much slower compared to the summer, when at least 100 million tokens are burned per day and one or two billion SHIBs will be lost in a week.
Now, SHIB is trading 88.63% lower than the ATH level of $0.00008845 it saw in late October last year. So, SHIB looks like a good opportunity to burn. However, whales continue to profit from millions and billions of SHIB trades. So the community doesn’t seem to be in a rush to do it.
