Whales Are Packing Their Bags With These 2 Astonishing Altcoins!

The cryptocurrency market is a hopeless event compared to some. However, crypto whales don’t seem so hopeless. Ethereum whales are collecting some altcoin projects to avoid the bear market.

Ethereum whales turned to ‘gold’ from altcoin projects!

Big Ethereum whales are actively buying crypto gold PAXG, as is known from 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 cluster’s portfolio, or $138,364,546 a share.

Experts explain this medical behavior of the big Ethereum whales by their willingness to create some sort of insurance fund or a cushion of safety in case financial markets become increasingly unstable. When the risks of stagflation and subsequent recession increase, gold may be a good asset to look forward to. One-on-one gold-boosted PAXG is a great option for investors who don’t want to exit the crypto market.

However, PAXG is showing decent performance against Bitcoin in an interesting form given the ‘gold 2.0’ thesis of leading crypto Bitcoin. Against Ethereum, crypto gold is also showing convincing price action.

Shiba Inu (SHIB) is still here

Surprisingly, SHIB is one of the next largest assets by position size in the top 100 Ethereum whale portfolio after PAXG. The Shiba Inu accounts for 4.47% of the total portfolio of this investor cluster. That’s the equivalent of $122.8 million. Although SHIB’s stock has declined with the downtrend over the past 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 base for the cryptocurrency itself. However, on the other hand, it continues to be a big selling threat.

Big moves on SHIB!

According to the data shared by Etherscan, a large transfer of 417,436,468,992 SHIB took place during the day. Etherscan’s information suggests that this is a process other than a Binance wallet. The prestige equivalent of this amount is $4,186,887.

Koindeks.com As we reported, stock markets and whales have been active lately. He moved around the Shiba Inu in large measure. On October 18, a significant amount of SHIB was transferred to an empty wallet. This process moved 3,388,119,787,804 chest tokens. Thus, the market has probably witnessed the emergence of a new SHIB whale. This chest coin size costs $34,887,130.

What’s the latest in altcoin burning?

According to Shibburn information, only 10,343,321 SHIBs have gone to incinerators in the last 24 hours. More recent data from websites shows twice the number. This means that with 25.991.998 SHIB, the burning rate increased by 649.92%.

Source: Shibarium

Still, the overall rate of burning SHIB by the community is much lower than in the summer, when at least 100 million tokens are burned per day and a week or two 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 is about to have a good opportunity to burn. However, whales continue to profit from millions and billions of SHIB trades. That’s why the community isn’t about to be quick to do it.

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