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 look lucrative for 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, worth about $22,252,310.
Ethereum maintains its position as the second largest crypto by market cap. Although the dreams of overthrowing the leading crypto Bitcoin (BTC) remain until another spring, it consolidates 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, cryptocoin.comThe hotly anticipated Merge (switch to PoS), which you’ve been following from , quickly quenched in the winter market. Therefore, their investors did not find exactly what they had hoped for. In fact, Ethereum, on the contrary, has recorded almost 20% 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 data, 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 any other. When ETH issuance drops, Lido will sit on high 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 meme coin, Shiba Inu (SHIB), is a whales favorite as always. Currently, whales hold about 122 billion SHIB worth $1,218,838. As you know, whale interest in the popular dog money SHIB is nothing new. In fact, most of SHIB’s circulating supply is in the hands of a few giant wallets.
cryptocoin.comAs you follow, the Shiba Inu has come a long way since he opened his eyes in August 2020. The popular meme coin is currently on the verge of launching its 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 an important catalyst for the price of the token. At press time, SHIB was trading at $0.00001035, up 3.85% in the last 24 hours.
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