As large-cap coins continue to suffer losses, Ethereum whales have now shifted their focus to small-cap cryptocurrencies in an attempt to profit from the bear market.
With whales accumulating in the Shiba Inu before it peaked, whale holdings in small cap coins are gaining interest among investors.
Data from WhaleStats shows that whales have yet to give up the meme coin craze. This is evidenced by their holdings in small cap altcoins.
ShibDoge is a meme coin that combines Dogecoin and Shiba Inu. The whale wallet tracker shows that whales hold an average of $3,184,962 of these tokens.
Others include VOY, PAN, ANCT and THX, all of which are held in large numbers by top whales.
FTX is currently topping the list of tokens with the largest trading volume. ShibDoge is making a mark as it is in 2nd place, with an average trading volume of over $3 million.
The stablecoin USDC comes in at third, while ETH, BUSD and USDT take the 3rd, 4th and 5th positions respectively. DAI, another stablecoin, is in sixth place, meaning whales are also looking for a boost. safe in stablecoins.
LINK, CRV and UNI are the rest of the list. News of Uniswap’s acquisition of market aggregator Genie and the upcoming airdrop has sparked renewed interest in UNI as this DEX is making its way into the NFT market.