Crypto Market Recovers as Whales Are Accumulating These Altcoins

The crypto market is climbing up at a slow pace as most coins trade in the green today. Bitcoin is on its way to hitting major resistance at $50K and most top alts too are regaining losses. The meme coins too are faring well as SHIB and DOGE are up. 

Ethereum blockchain data shows that the largest whales on the network have been accumulating a number of altcoins amid the recent crypto market drop.

Whales Accumulation

The world’s top Ethereum whales are stocking up on meme crypto Shiba Inu (SHIB) and two of the trendiest metaverse tokens, according to new research.

The investment behavior of the 1,000 wealthiest non-exchange Ethereum addresses is revealed in the newest figures from WhaleStats. 

Deep-pocketed crypto investors acquired an average of $8.42 million worth of Ethereum (ETH), $2.89 million worth of stable coin Tether (USDT), and $2.46 million worth of FTX Token (FTT), the utility asset of crypto derivatives exchange FTX, according to the whale-monitoring website.

The stable coin USD Coin (USDC) ranks next, with an average purchase of $1.94 million, followed by Shiba Inu and player-controlled blockchain platform Gala, with $1.03 million and $464,228 in average purchases, respectively. 

Binance’s stable coin Binance USD (BUSD) is ranked seventh, while virtual reality platform Decentraland (MANA) is ranked eighth with an average purchase amount of $158,455.

Wrapped Bitcoin (WBTC), which is backed 1:1 with BTC and represents Bitcoin on the Ethereum network, is ranked ninth, while decentralized derivatives exchange Serum (SRM) rounds out the top ten. 

When it comes to the crypto troves of the biggest Ethereum whales, ETH is at the top, with average holdings of almost $166.56 million. The Shiba Inu is ranked second, with an average holdings value of $1.69 million.