Bears continue to dominate the crypto market. However, regardless of the winter market, whales continue to make big purchases. While global economies are collapsing, some altcoin projects still seem beneficial to whales. From what we understand, the discounted prices and huge return potential encourage the rich to hoard more tokens.
Whales showed special interest in leading altcoin Ethereum in October
Leading altcoin Ethereum (ETH) is the number one token held by whales this month, according to whale watching platform Whalestats. Whalestats reports that the top 100 Ethereum whales hold 16,528 ETH at a cost of approximately $22.252,310.
Ethereum maintains its position as the second largest crypto by market cap. Although dreams of overthrowing the leading crypto Bitcoin (BTC) remain until next spring, it reinforces its position as the leader of altcoins. However, ETH has strayed far from its all-time highs in 2021 (72.4%) in line with the market.
Moreover, Koindeks.com The hotly anticipated Merge (switch to PoS), which you’ve been following from , quickly quenched in the winter market. Because of this, the investors did not find exactly what they expected. In fact, on the contrary, Ethereum has recorded almost 20% price since Merge. On the other hand, the leading altcoin made a decent debut today. At press time, ETH was trading at $1,510, up 12.91% in the last 24 hours.
SHIB and sETH are on the whale menu
Another altcoin preferred by whales is Lido Staked ETH (sETH). The altcoin managed to become the next altcoin project, bypassing the two stablecoins USDC and USDT. After Ethereum Merge, interest in stETH increased. According to Whalestats information, ETH whales have 1,214 stETH worth $1,633,888 in their wallets. Also, according to a report by Chainalysis, Lido Finance holds 31% of all staked ETH more than anyone else. When ETH issuance drops, Lido will sit on heavy demand that will take the token “to the moon”. At press time, stETH is moving parallel to the leading altcoin. It was trading at $1,494, up 12% in the last 24 hours.
The popular chest coin, the Shiba Inu (SHIB), is, as usual, a favorite of whales. Currently, whales hold about 122 billion SHIB at a cost of $1,218,838. As you know, whale interest in the recognized dog money SHIB is nothing new. In fact, many of SHIB’s circulating supply are in the hands of a few giant wallets.
Koindeks.com As you follow, the Shiba Inu has come a long way since he opened his eyes in August 2020. The recognized chest coin is currently on the verge of launching the Tier-2 network Shibarium. Some analysts expect the price of SHIB to increase drastically after the launch. Also, some are dying to see how long the SHIB will burn. Therefore, this also acts as a valuable catalyst for the price of the token. At press time, SHIB was trading at $0.00001035, up 3.85% in the last 24 hours.