Ethereum (ETH) whales are increasing in number and diving into several altcoin projects, according to two on-chain analysis trackers.
The analytics firm Santiment is highlighting a major increase in Ethereum holdings among the world’s richest crypto wallets.
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The company says that the number of Ethereum holders with over 10,000 ETH has reached levels not seen since December of last year.
Santiment believes whale accumulation is indicative of future price increases.
“The number of Ethereum addresses with 10k+ ETH has grown to the largest amount (1,329) since December 2021. This includes 40 more in just 5 weeks.
There has been an evident correlation between the number of whale addresses & future price movement.”
The transaction-tracking bot at WhaleStats is also reporting that Ethereum has been one of the most popular cryptocurrencies among whales over the past week, with the average buy-in being 1,919 ETH tokens for a total of $6,230,754.
At time of writing, Ethereum is trading sideways at $3,385 but remains up 15.1% from a weekly low of $2,939 on March 22nd.
The WhaleStats Top 10 list of most purchased non-stablecoin crypto assets over the past week includes:
- Play-to-earn blockchain gaming platform Gala Games (GALA) with an average of 1,032,251 GALA tokens purchased for $276,738.
- Bored Ape Yacht Club offshoot project ApeCoin (APE) with an average buy of 20,055 APE for $270,193.
- Ethereum-based virtual world The Sandbox (SAND) with whales purchasing 72,756 SAND for $251,123.
- Decentralized exchange Serum (SRM) to the tune of $246,704 for 81,210 SRM tokens.
- Layer-2 scaling solution Polygon (MATIC) saw an average purchase of 96,931 MATIC for $160,244.
- Decentralized lending and borrowing protocol Aave (AAVE) with whales buying an average of 855 AAVE for $148,507.
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Featured Image: Shutterstock/jamesteohart
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