Top Three Crypto Assets Held By The Largest Ethereum Whales
Want to know where the largest whales are swimming? It may surprise you.
Oftentimes we hear about whales moving and shaking the market. They can be both a negative and positive force. The beauty of the blockchain is we can see with certain confidence what the largest whales are keen on and when they are buying it, selling it, and in this case, holding it.
Here are the 3 crypto-assets (other than Ethereum and stablecoins) whales are holding the most of (courtesy of whalestats.com.) Whale stats track the 1000 largest Ethereum wallets “after excluding known exchange and project wallets – each wallet is worth an average of $158,180,629.”
3. $OKB
This one may come as a surprise to many. OKB is the exchange token for OKEx exchange. The token currently is trading at $23.39 (-1.14%) and has 46,349 holders according to Etherscan and ranked number #74 by market cap according to CMC.
Eth whales hold more than $450 million dollars worth of OKB. Why might they be so interested? The exchange ranks third in liquidity, fourth in trading volume, and has a variety of trading pairs. They also have their more US-friendly OKCoin, which is gaining popularity.
It is a utility coin that is used to calculate and pay trading fees, give users access to voting and governance, and rewards users for holding the token. Maybe the whales are thinking this is the next exchange to slap their logo on a major stadium…
OKEx has been listing some interesting coins. For example, today they listed Avalanche’s native DEX token JOE, from the Trader Joe protocol. This is something other exchanges have yet to do, that is add non-ERC20 tokens. OKEx could be presenting interesting pairs that whales see as an advantage.
?? $JOE — the native token of @traderjoe_xyz gets listed on #OKX! #1?? DEX on #Avalanche
? Deposit is NOW open ??
?? JOE/USDT Spot trading: 10:00 am Feb 9 (UTC)#NewListing ??— OKX (previously OKEx) (@okx) February 9, 2022
2. $FTT
Believe it or not, the whales’ second-largest holding is FTT, the exchange token for Sam Bankman Fried’s FTX. The token is currently trading at $47.63 (+3.49%) and has 24,722 holders according to Etherscan and ranks 27 by market cap according to CMC.
Eth whales hold a staggering 1.7 billion dollars worth of FTT. Why might they be so interested? Other than Binance and Coinbase, FTX is the largest exchange in the world with double the weekly visits of Kraken, and nearly 2 billion dollars in daily volume.
With the eclectic “giga-brain” Bankman-Fried at the helm, FTX has made a major splash in crypto. In 2021 they bought the naming rights to the Miami Heat stadium, now called FTX arena, and its ever-growing partnership with Tom Brady. With its close ties to Solana, whales may be making a proxy investment in Solana by hodling FTT.
The FTT token FTT can be used as collateral for futures positions, which drives demand. Also, FTT is used for “earning fee rebates, trading fee discounts, staking FTT tokens, and voting in community governance.” They have also burned significant supply to decrease inflation. Are whales anticipating a spike due to FTX’s much anticipated Super Bowl commercial? It is certainly plausible.
We're giving some #bitcoin away!
How much? $1 million worth?! $1.5 million worth?!!?! We don't actually know yet.
The later our Big Game ad airs, the more #bitcoin you can win. See you Sunday! #FTXcontest
No purchase necessary. Subject to T&C: https://t.co/L7o8Jz25TT pic.twitter.com/mfA0q2FIFG
— FTX – Built By Traders, For Traders (@FTX_Official) February 7, 2022
1. $SHIB
That’s right, you are not dreaming. The number one token held by the largest Ethereum whales is Shiba Inu. The meme coin turned legit coin is trading at $0.000033 (+10.60%) and has over 1.14 million holders according to Yahoo and ranks 13 by market cap according to CMC.
Just edging out FTT, Ethereum whales hold over 1.8 billion dollars worth of Shib. Why might they be so interested? Assuming these whales have been holding before Shiba recently announced their metaverse and the corresponding LEASH token (up 40%), whales must see something even more bullish in the coin.
Whales may see that retail is still very hot on Shib and realize retail has the ability to move prices up drastically. Retail investors aren’t concerned with what consensus algorithm a protocol uses or whether the supply is concentrated in a few wallets. It’s more about the fun for them. Shib has shown its staying power, too, and continues to develop utility and maintain vast popularity.
With the very bullish metaverse news, constant token burning, and hints of a Coinbase collab, maybe the whales are on to something with Shib. Keep in mind, Shib does more daily trading volume than both Solana and Terra. This dog is certainly swimming with the whales.
Hey @coinbase send us a DM. Valentine's Day is approaching and we have a pending "match" ?? u + me = ??.
— Shib (@Shibtoken) February 7, 2022
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Text source: CryptosRus
