Market Trend Sees Ethereum Whales Migrate to Alternatives

New data extracted from on-chain analysis reveal that Ethereum whales are moving into diverse alternatives. The whales have been giving their attention to other assets in the market since Ethereum has been struggling.

Whales Stay Winning Nevertheless

Recent figures released by Whalestats show the investment pattern of the wealthiest 100 non-exchange Ethereum addresses.

The website which monitors the activity of whales revealed that the leading players have been going with ApeCoin. ApeCoin is an altcoin based on the Ethereum network and it is affiliated with the BAYC NFTs collection.

As reported by WhaleStats, the top investors have bought about 13,592 APE at a total cost of $53,690. ApeCoin (APE) was the second most bought digital token among Ethereum whales besides the US Dollar Coin. The US Dollar Coin (USDC) is a stablecoin that keeps a value pegged to the US Dollar.

Furthermore, the report shows the same set of whales has their eyes on Tether too. The stablecoin has seen an average buying of 47,482 USDT at $47,451. 

Another asset getting the attention of Ethereum whales is PAX Gold. It is also a token based on Ethereum and issued by Paxos. PAX Gold is backed up by actual gold.

The Ethereum whales have bought about 10 PAXG at $18,278. Ethereum is now holding the fifth position with an average purchase of 12 ETH worth $13,690.

The DAI stablecoin, also based on Ethereum, ranks sixth on the list of whale assets. 9,358 of it got purchased at an average cost of $9,376.

In seventh place is the Wrapped Ethereum (WETH). The token was created and planned to maintain a 1:1 parity with ETH’s value. Whales bought only 4 of the WETH tokens at an average cost of $4,290.

Even Outsiders Got Lucky

What came next is the Synthetix Network. SNX is a cryptocurrency that powers the trade of synthetic assets on the Synthetix network. The leading Ethereum whales bought 2,113 SNX assets at an average cost of $4,290.

Polygon, the layer-2 scaling solution, has the ninth place on lock. Ethereum whales bought 3,952 units of the token at an average cost of $1,408.

Finally, SUSHI secured tenth place on the list. It is a governance asset based on the SushiSwap decentralized exchange. Ethereum whales cupped about 1,369 units of SUSHI at an average cost of $1,334.