Whale Ethereum Chooses Stablecoin When The Crypto Market Collapses
JAKARTA – The owners of the largest cryptocurrencies or so-called whales are reported to have started switching to stablecoins and a number of other altcoins when the crypto market crashed. Whale Ethereum buys stable coins like USDC, USDT, and BUSD. In addition, the whales also purchased a number of altcoins such as Polygon (MATIC), Chainlink (LINK), and Basic Attention Token (BAT).
This comes at a time when the price of Bitcoin (BTC) has struggled below $40,000 in recent days. WhaleStats monitors the movement of the whales, reports the top thousand Ethereum wallets fetching hundreds of thousands of dollars worth of stablecoins over the course of last year.
The wealthy investors also amassed an average Polygon (MATIC) of $62,569, followed by flexUSD, another stablecoin. The next biggest buy was Hex as Ethereum whales bought an average of 28,133 thousand US dollars worth of the crypto asset.
Next, Chainlink (LINK) which has an average purchase amount of 27,934 US dollars. While the Basic Attention Token (BAT) which is the Brave browser utility token has an average number of purchases under LINK, while the next is Wrapped Bitcoin (WBTC) whose value represents the price of BTC.
WhaleStats also points out that some of the richest Ethereum whales in existence are making large individual purchases amid the crypto market downturn.
The fourth-ranked Ethereum whale on the planet bought nearly 200,000 LINKs for $3.90 million and 1,000 Makers (MKR) for about $1.96 million. MKR is an Ethereum-based governance token from MakerDAO, a decentralized autonomous organization (DAO) used to maintain and regulate stablecoin DAI.
The 141st-ranked ETH Whale also bought LINK – 86,475 tokens worth 1.69 million US dollars. The large wallet also added 1,099,996 MATIC worth 2.24 million US dollars. Lastly, the 475-ranked Ethereum whale bought 326,994 SUSHI worth 1.84 million US dollars. SUSHI is the governance token of SushiSwap's decentralized crypto exchange platform.