Ethereum whales are a different breed. For the most part, they are always looking for trending altcoins rather than safer options. In that regard, they tend to pick volatile digital assets with massive returns for short-term investments. Looking back at some legendary trending altcoins, we see Ethereum whales being ahead of the curve and purchasing large amounts right before the pump. While this is not a great trading strategy, considering the scope of these investments, it is a good idea to keep an eye on what Ethereum whales are buying. In the meantime, there are conspiracy theories stating that majority of Ethereum whales are coordinated. With that, heavy accumulation on specific trending altcoins could possibly cause a rally in short-term.
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New Trending Altcoins
Apparently, in this day and age, the solution for every single problem is to issue a new token. With over 19,700 cryptocurrencies registered on CoinMarketCap, it is not easy to pick a winner anymore. So, when every single member of animal kingdom has a token named after it, how do you find the next Shiba Inu?
Primarily, Ethereum whales are good indicators of a promising trending altcoins. But, bear in mind that most of these altcoins experience their boom and bust in short-term. After that, they pull an ADA and settle down without any significant rally.
According to data from blockchain tracking service WhaleStats, the top 100 Ethereum whales are accumulating on new blood. Ethereum whales are buying the utility token of WOO network that powers the decentralized exchange. Basically, WOO network seeks to provide deep liquidity and efficient order execution.
DeFi Coins
Currently, WOO is the number one purchased altcoin amongst top 100 Ethereum whales in 24 hours. Fundamental analysis aside, accumulation of this size can certainly jump start a rally pretty soon.
However, Ethereum whales are also buying three DeFi coins at the time of writing this article. The utility asset of NFT gaming protocol Aavegotchi (GHST), synthetic asset issuer Synthetix (SNX) and borrowing and lending protocol Aave (AAVE) are the three behind WOO.
Looking at the big picture, we see Ethereum whales holding very large amounts of SHIB and FTX. Previously, we reported that the top 100 ETH addresses were accumulating Serum (SRM). This was back in April which is not that long ago. Currently, SRM is not on the top 10 list.
As for stablecoins, USDC is pretty much on top of the list. WhaleStats shows that the whales hold $10,830,215 worth of USD Coins.
Which one of these trending altcoins do you have your eyes on? Tell us down in the comment section.
