Ethereum Whales Are Accumulating Bitcoin and New Altcoin Project While Unloading Dogecoin Rival Shiba Inu: On-Chain Data
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The world’s largest Ethereum (ETH) whales are snapping up leading digital asset Bitcoin (BTC) and a new security-based altcoin while unloading dog-themed meme token Shiba Inu (SHIB).
According to on-chain data from whale-tracking website WhaleStats, over the last 30 days, deep-pocketed Ethereum investors have been accumulating the Bitcoin-pegged Ethereum asset Wrapped Bitcoin (WBTC), security protocol Stronger (STRNGR) and Bored Ape Yacht Club toke ApeCoin (APE).
The ETH whales have also been cutting away digital assets such as Dogecoin competitor SHIB, gaming metaverse token The Sandbox (SAND), and FTX Token (FTT), the native asset of crypto exchange platform FTX.
The data reveals that the high-net-worth Ethereum traders bought an average of 108 WBTC worth about $5 million, 109 STRNGR tokens valued at $1.6 million and 93,000 ApeCoins priced at nearly $1.2 million. However, the whales had an outflow of $1.3 million WBTC, bringing the net inflow of WBTC to approximately $3.7 million.
Decentralized exchange platform Serum (SRM) also had a modest net outflow of about $120,000.
Furthermore, the wealthy investors posted net outflows of about $4.5 million FTT, just over $1 million in SAND, and $1.4 million in SHIB.
According to a recent WhaleStats tweet, the whales have since reversed course on SHIB and are gobbling it up to the tune of thousands of dollars. During the last 24 hours, they accumulated a staggering $1.5 billion SHIB worth about $37,000 at time of writing.
Other digital assets the whales are picking up include virtual-reality-based metaverse platform Decentraland (MANA), and synthetic asset curator Synthetix (SNX).
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Featured Image: Shutterstock/Natalia Siiatovskaia/Rolling Stones
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