SHIB, Not DOGE: The Whales’ New Bet on These 5 Altcoins!

The whales, the biggest investors with the size of the coins they hold, seem to have turned their focus to five altcoins. While many people think whales are watching Shiba Inu (SHIB) and Dogecoin (DOGE) due to price movements this week, data points to other coins. Here are the details…

Whale wallets point to these coins, not SHIB As we have also reported, whales are sometimes cryptocurrencies that have the potential to manipulate cryptocurrency valuations. Therefore, investors follow the altcoins observed by whales. Statistics pointed out by data platform Crypto Differ talk about coins in the largest whale wallets.

First of all, investors are spread across Ethereum (ETH), BNB Chain, Fantom (FTM), Polygon (MATIC), and Avalanche (AVAX) networks. The “whale anxiety and greed index” for these networks is as follows:

  • Ethereum: Extreme Fear
  • BNB Chain: Fear
  • Phantom: Extreme Horror
  • Polygon: Horror
  • Avalanche: Neutral

Most of these cryptocurrencies were traded

On the other hand, trade information on each network points to different altcoins. For example, the most traded cryptocurrency on the Ethereum network is Wrapped Ethereum WETH). Polkadot (DOT) on BNB Chain and Wrapped Phantom (WFTM) on Phantom. On the other hand, trading of PlayDapp (PLA), the recently popular gaming coin, has gained momentum on the Polygon network. Finally, Wrapped Avalanche (WAVAX) is traded on the Avalanche network.

The coins that whales hold the most in these networks are also changing. The Ethereum network has the most Uniswap (UNI), while the BNB Chain has WETH. Phantom holds USD Coin (USDC), Polygon holds MATIC, Avalanche holds USDC. In terms of US dollars, the most are WBTC, WETH, USDC, miMATIC and USDT.

Why is watching whales valuable?

The price of cryptocurrencies is mostly driven by supply and demand. When a valuable part of the coin is excluded from circulation, the price of coins still in circulation rises. As a result, if a large number of coins are suddenly liquidated, their price will drop. As a result, whales have a unique potential to effectively manipulate the cryptocurrency market to their advantage.

So, do you absolutely need to watch whales? According to experts, it is advantageous to detect and avoid whale manipulation. A more suitable long-term strategy for this stands to follow the market in general. It’s also helpful to understand why some coins are acting this way.

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