Top Ethereum Whales Are Stacking These Altcoins As Crypto Market Continue To Tumble

As the broader crypto market continues to decline, the world’s wealthiest Ethereum (ETH) whales are accumulating a top ETH competitor.

Fantom (FTM), a scalable smart contract-enabled blockchain, was the top target of the 500 largest ETH addresses on record over a 24-hour period this week, according to WhaleStats on Twitter, flipping popular dog-themed joke coin and Dogecoin (DOGE) competition Shiba Inu (SHIB)

At the time of writing, FTM is trading at $1.21. The 45th most valuable crypto asset has dropped about 3% in the last 24 hours and is down more than 35% from where it was priced a week ago.

On Thursday morning, an Ethereum whale is known as “Gimli” purchased 1,300,000 FTM worth roughly $1.6 million in one huge transaction. Previously, the same whale acquired 442,637,867,858 SHIB for roughly $11 million. After that acquisition, the SHIB holdings of the top-5 Ethereum investor, as per the WhaleStats scale, surged to an amazing one trillion Shiba Inu.

Whales keep expanding their LINK stashes. Earlier today, WhaleStats reported that several largest Ethereum whales had purchased more than $22.9 million worth of Chainlink.

As per the recent tweet published by WhaleStats, the biggest 100 Ethereum investors hold smaller altcoins but which have been trending recently. Among them, there is the meme coin Shiba Inu (SHIB), FTX Token (FTT), Decentraland (MANA), The Sandbox (SAND), Chainlink (LINK), Enjin Coin (ENJ), etc.

Huge stablecoins, such as Tether (USDT), USD Coin (USDC), and Binance USD (BUSD), were also snapped up by the whales. According to WhaleStats, wealthy investors purchased an average of 898,595 USDT, 719,327 USDC, and 245,651 BUSD.