As the large cap coins have continued to suffer losses, Ethereum whales have now turned their focus to smaller cap altcoins in a bid to try to squeeze out some profit from the bear market. These coins are previously unknown outside of their community niches but these large investors are bringing them to the forefront. Given the movement of whales into Shiba Inu before it peaked, whale holdings in smaller cap coins are proving to be of interest to investors.
What Ethereum Whales Are Holding
A large volume of coins had made their way into the market following the success of meme coins such as Dogecoin and Shiba Inu. As the market winds down and these leading ‘shitcoins’ lose value and appeal to investors, others have floated to the forefront to take their place.
Data from WhaleStats shows that Ethereum whales are not leaving the meme coin craze behind just yet. This is evidenced by their top holdings in the smaller cap altcoins which shows that they are still actively involved in the meme coin space to some degree. One, in particular, has made a splash with Ethereum whales holding more than $3 million worth of tokens.
ShibDoge is another meme coin that combines the Dogecoin and Shiba Inu popularity to make a single token. The whale wallet tracker shows that the top Ethereum whale wallets hold an average of $3,184,962 of this token. Others include VOY, PAN, ANCT, and THX tokens, all held in large numbers by the top whales.
ETH whales small cap holdings | Source: WhaleStats
This follows Shiba Inu overtaking FTX Token as the second-largest token holding of the top 100 Ethereum whales. SHIB now makes up 13.46% of the total holdings of these whales and at $519,584,933, it is the third-largest holdings of the whales behind ETH and USDC.
Whale Trade Patterns
The trading volume of the top whales also shows the coins that they are bullish on. Over the last 24 hours, there have been the usual favorites that continue to make the list but there are some new ones making a splash among these large holders.
Related Reading | Why A Grayscale Bitcoin ETF Approval Could Have Bearish Results
FTX Tokens is currently topping the list for the token with the largest trading volume but the next coin on the list is a new entrance. ShibDoge is making its mark as it currently sits at number 2 for the tokens with the largest trading volumes in the last day with an average transacted volume sitting at more than $3 million.
ETH recovers above $1,200 | Source: ETHUSD on TradingView.com
The stablecoin USDC comes third, while ETH, BUSD, and USDT are taking the 3rd, 4th, and 5th spots respectively. DAI, another stablecoin, is in sixth place, meaning that Ethereum whales are also searching for cover in the stablecoins.
LINK, CRV, and UNI make up the rest of the list with UNI being an especially interesting addition. The news of Uniswap acquiring market aggregator Genie and the upcoming airdrop has sparked renewed interest in the token as the DEX is making its way into the NFT market.
Featured image from CryptoSlate, chart from TradingView.com
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