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Whales Flock To These Altcoins As Bitcoin Struggles Below $40,000

Bitcoin Struggles Below $40,000

New data from Whale Stats reveals that as Bitcoin (BTC) struggles below $40,000, the world's largest Ethereum (ETH) whales are flocking to stablecoins and other altcoins.

What are digital and virtual currencies and how are they dealt with?

Ethereum Whales Flock to These Altcoins

According to whale-watching bot Whale Stats, the top 1,000 over-the-counter Ethereum wallets have bought hundreds of thousands of dollars worth of USD Coins (USDC), Tether (USDT), and Binance USD (BUSD) in the past seven days.

There are 3 reasons for the recent fall in the price of bitcoin and digital currencies

In addition to all these purchases, giant Ethereum whales also bought Polygon (MATIC) worth $62,569 on average, while also making large purchases of another stablecoin, flexUSD.

Also, the seventh among the altcoins that Ethereum whales are accumulating is Hex, which is designed to replace a certificate of deposit.

The decentralized oracle network Chainlink (LINK), on the other hand, ranks eighth among the altcoins with the most accumulation by whales, with an average purchase amount of $27,934.

Whales are making big purchases.

Data from WhaleStats also shows that some of the richest Ethereum whales in existence are making large individual purchases as the crypto market pulls back.
So much so that the world's fourth-largest Ethereum whale has purchased approximately 200,000 LINKS worth $3.90 million and 1,000 Maker (MKR) worth approximately $1.96 million.
MKR is the Ethereum-based governance token of MakerDAO, a decentralized autonomous organization (DAO) used to protect and regulate the stablecoin DAI.
The 141st-ranked giant ETH whale bought 86,475 LINKs worth $1.69 million and added 1,099,996 MATICs worth $2.24 million to its portfolio.
Finally, the 475th-ranked Ethereum whale made 326,994 SUSHI purchases worth $1.84 million with these sharp drops. SushiSwap is the management token of the decentralized crypto exchange platform SushiSwap.

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