Regardless of the bearish markets, whales continue to indulge in big purchases. With global economies crumbling, crypto still appears lucrative to some big wallets. The discounted prices and the potential for big returns have not stopped the wealthy from gobbling up more tokens.
Non-stablecoin Crypto tokens being bought by whales in October
Ethereum (ETH): According to Whalestats, Ethereum is the number one token being held by ETH Whales this month. As per the analysis website, the top 100 Ethereum whales hold 16,528 ETH, worth around $22,252,310.
Ethereum, the second largest crypto project by market cap, has fallen a long way from its 2021 highs (72.4%). Moreover, the much-hyped and anticipated merge (transition to Proof-of-Stake) did not do much to rally the token’s price. On contrary, the token has fallen almost 20% since the move.
At press time ETH was trading at $1,346.52, down by 0.1% in the last 24 hours.
Lido Staked Ether (stETH): Lido Staked Token takes the next crypto project, skipping the two stablecoins, USDC and USDT. Interest in stETH shot up after Ethereum’s merge. As per the data on Whalestats, ETH whales hold 1,214 stETH, worth $1,633,888.
Moreover, according to a report by Chainalysis, Lido Finance holds 31% of all staked ETH, more than any other. Once ETH issuance falls, Lido will be sitting on demand-intensive ETH, which may take the token “to the moon.”
At press time, stETH was trading at $1,345.54, up by 0.2% in the last 24 hours.
Shiba Inu (SHIB): Shiba Inu is a favorite among Ethereum whales. Currently, the whales hold around 122 billion of the canine-themed crypto token, worth $1,218,838. ETH whale interest in SHIB is nothing new either. Most of SHIB’s circulating supply is in the hands of a few giant wallets.
SHIB has also come a long way since its inception in August 2020. The project is on the verge of launching its layer-2 network, Shibarium. Many expect SHIB’s price to rally big after the launch. Some are even eager to see how much SHIB layer-2 will burn, further pushing the price of the token.
At press time, SHIB was trading at $0.00000997, down by 0.5% in the last 24 hours.