Altcoin Discount: What Ethereum Whales Are Buying Through The Dip

With the market currently in peril, Ethereum whales are taking this as an opportunity to add more coins to their portfolios. Altcoins have taken the biggest hit in the market and as such have been the focus of these whales who obviously see these tokens as being on discount. They have been focusing on a number of tokens but the top three tokens show which altcoins these whales believe will do the best in a market recovery.

Ethereum Whales Still Bullish On Shiba Inu

Ethereum whales have always been bullish on Dogecoin’s rival Shiba Inu. It can be said that they have single-handedly managed to keep the meme coin in the minds of the broader crypto market with their very large purchases, safe for the occasional hype-powered recoveries. Now, even as the market is in a decline and Shiba Inu continuing to suffer multiple dips, the whales look to have not lost faith in the meme coin as it remains of their highest purchases.

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In the list of top 10 most purchased tokens, Shiba Inu has come out in fourth place, trailing the likes of stablecoins USDT and USDC, and Ether naturally taking the lead. These lists compiled on a 24-hour basis show what Ethereum whales are buying at any point in time.

On average, the whales have been purchasing 2,256,645,536 SHIB tokens. This comes out to an average dollar value of $35,888 being spent on the meme coin by the top 100 Ethereum wallets. The meme coin also remains the biggest token position by dollar value behind ETH.

SHIB trading at $0.000017 | Source: SHIBUSD on TradingView.com

Even though the whales balances have dropped over the last couple of weeks, they still hold more than $809 million worth of SHIB on their collective balances. Meaning that more than 15% of all SHIB tokens are being held by the top 100 ETH wallets.

LINK, MANA tokens make the list

Coins that have lost a significant portion of their all-time high value look to be favored by Ethereum whales., Tokens such as LINK and MANA also made the list of top 10 cryptocurrencies purchased by these whales in the past 24 hours. One thing that these two tokens have in common is that they have both lost more than 80% of their ATH values.

Ethereum whales have been purchasing LINK tokens at an average of $9,839 and MANA tokens at an average of $7,328, putting them in 5th and 6th position on the list respectively. Interestingly, neither of these tokens appear on the top 10 holdings of these whales but they have continued to purchase them at an accelerated rate in the last 24 hours. 

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Others that have made the list is KNC, GALA, WOO, and new market favorite, APE. All of these tokens are being purchased at an average purchase amount of $6,870, $6503, $6,514, and $4,572 respectively.

NFTs have not been left out of the accumulation trends either. With the price of ETH down over the last two days, the floor price of some high-valued NFTs has gone down and whales have begun to sweep them up, with Moonbirds and DOODLE being the obvious favorites. 

Featured image from Watcher Guru, chart from TradingView.com