Bitcoin and altcoins are trading at historical lows. Meanwhile, investors began to look for the best projects for future opportunities. Alongside powerful layer-1 blockchains like Solana and Avalanche, metaverse coins are also at the top of their watch lists. Ethereum whales, on the other hand, intend to accumulate SHIB and a number of exchange tokens.
Ethereum whales accumulate in SHIB and metaverse coins
The latest drop in the cryptocurrency market has erased all the gains of the past year. The Terra crash was the catalyst for May’s selling pressure. On the other hand, the biggest Ethereum whales tracked by WhaleStats are accumulating metaverse cryptos like MANA and SAND. The list of the 100 largest ETH whales also includes a number of exchange tokens.
Shiba Inu (SHIB) and FTX Token (FTT) are the permanent names in the top token position in dollar terms. Interestingly, CHZ, the native crypto of fan token platform Chilliz, is among the top 10 today. Whales meanwhile pushed CHZ into the top 10 with a series of huge acquisitions. The most purchased stablecoins in the decline were USDC and USDT. Whales tend to switch to stablecoins in general as the market drops.
Whales accumulate in SAND and MANA
As seen below, the most USDC, USDT and ETH have been bought in the past 24 hours. Ethereum is third on the list. Popular meme token Shiba Inu (SHIB) completes the list at number four today. Interestingly, the popular metaverse coins MANA and SAND managed to reach the top of the list.
- USDC Coin (USDC)
- Tether (USDC)
- Ethereum (ETH)
- Shiba Inu (SHIB)
- Decentraland (MANA)
- The Sandbox (SAND)
By the way, apart from the above altcoins, FTT, BEST, CRO and MEXC like stock market tokens are on the whales’ radar. However, the first choice of big investors lately is Ethereum (ETH). This is because the leading altcoin is taking the first concrete steps for ETH 2.0.
Ethereum (ETH) reclaimed $1800, here’s why
Ethereum as we mentioned in Cryptokoin.com analysis (ETH) is on the rise again today with the Ropsten testnet. Thus, ETH rose slightly in the last 24 hours to reclaim the $1800 level. The altcoin’s gain is due to the successful implementation of a PoS mechanism on one of the first testnets, Ropsten. Additionally, the testing process has been validated by several Ethereum developers and nodes. They are now monitoring the Blockchain to ensure the merge goes smoothly.
The Ropsten network just merged!
One of the last testnets until we merge on the #Ethereum mainnet🐼https://t.co/3lvlUfcAT4 pic.twitter.com/knd1IBlD8A
— Bitfly (@etherchain_org) June 8, 2022
ETH, especially given that it will make Ethereum more accessible price is expected to react positively to the transition to PoS. The move could also invite back institutional interest in the token, which has been struggling due to weak crypto market conditions. Therefore, the giant whale purchases of the day confirm this thesis.
