Ethereum Whales Accumulate Shiba Inu

It’s been revealed that there’s new data showing that the largest Ethereum whales in the world are loading up on meme crypto Shiba Inu (SHIB).

The online publication the Daily Hodl notes that the latest numbers from WhaleStats are revealing the investment behavior of the 1,000 wealthiest non-exchange Ethereum addresses.

“The whale-monitoring website shows that in the last 30 days, deep-pocketed crypto investors bought an average of $8.42 million worth of Ethereum (ETH), $2.89 million worth of stablecoin Tether (USDT) and $2.46 million worth FTX Token (FTT), the utility asset of crypto derivatives exchange FTX.”

According to the same notes, next up is “stablecoin USD Coin (USDC) with an average purchase amount of $1.94 million, followed by Shiba Inu and player-controlled blockchain platform Gala with average purchases worth $1.03 million and $464,228, respectively.”

In a new strategy session, he addresses smart contract platforms Avalanche (AVAX) and Solana (SOL)’s prices.

As the online publication the Daily Hodl notes, according to Merten, it is better to compare both coins to ETH rather than the US dollar or Bitcoin (BTC). He believes that Ethereum’s greater success in recent years makes it a better barometer than Bitcoin.

“If you’re really looking to see if your play is outpacing others in the market, you want to take a look against Ethereum. It is the second-largest cryptocurrency in this space and it has been outpacing Bitcoin around 380% to 400% in this cycle alone since 2019.”

He continued and said:

“So we want to be able to find plays that are outpacing Ethereum because Ethereum is a really solid bet. It’s a really good medium-risk, medium-reward play.”

The analyst is also looking at Avalanche and he said that a local top could be in for AVAX against ETH.

Stay tuned for more crypto predictions are make sure to keep your eyes on the crypto market.