Ethereum blockchain knowledge exhibits that the most important whales on the community have been accumulating numerous altcoins amid the current crypto market drop, together with Decentraland ($MANA), The Sandbox ($SAND), Crypto.com’s $CRO, and Curve’s $CRV.
In keeping with knowledge shared by WhaleStates, a Twitter account monitoring the 1,000 richest wallets on the Ethereum community, these whales have been largely shopping for the dip on ether, which not too long ago dropped over 6%.
WhaleStats’ knowledge additionally exhibits whales have been accumulating stablecoins – USDC, USDT, and BUSD – presumably in a bid to flee the volatility available in the market that noticed the whole market capitalization of the crypto area drop by over $200 billion in a day.
Subsequent, they’ve been accumulating the altcoins referred above, together with wrapped Bitcoin (WBTC) and a brand new meme-inspired cryptocurrency rivaling each Shiba Inu ($SHIB) and Dogecoin ($DOGE) known as Dogelon Mars ($ELON).
Dogelon Mars is a cryptocurrency created as a meme impressed by Elon Musk’s plans to colonize Mars and by Dogecoin itself. In keeping with the group behind it, 50% of the cryptocurrency’s provide was “donated to Vitalik Buterin as a gesture of peace who then later gifted his tokens to charity” whereas one other portion was “completely locked within the Uniswap liquidity pool.”
Dogelon Mars’ progress has seen its market capitalization surpass the $1 billion mark earlier this month. Because the cryptocurrency market dropped, it has since seen its market cap transfer again right down to $700 million.
Its giant buying and selling quantity amongst ETH whales has seen it change into one of many most-searched-for meme cryptocurrencies, behind solely Shiba Inu.
The views and opinions expressed by the writer, or any individuals talked about on this article, are for informational functions solely, and they don’t represent monetary, funding, or different recommendation. Investing in or buying and selling cryptoassets comes with a threat of monetary loss.
Featured Picture through Dogelon Mars’ website