A whale monitoring resource has found that the richest wallet addresses on the Ethereum network have been loading up on Polygon ($MATIC) and Chainlink ($LINK) as the cryptocurrency market recovers, with only Ethereum’s ETH and stablecoins leading these coins in terms of holdings.
According to data from WhaleStats, first spotted by DailyHodl, the 1,000 largest addresses on the Ethereum network have over the last few days been loading up on Polygon and Chainlink, along with ETH and leading stablecoins USDC and USDT.
The monitoring resource’s data shows that over the last seven days, the most purchased tokens by top Ethereum whales were ETH, with an average purchase of $1.1 million, followed by USDC, with an average purchase of $830,000, and USDT, with an average of $550,000.
Given the cryptocurrency market’s recent downturns, whales may have been loading up on stablecoins to wait on the sidelines as prices dropped and picked ETH and other altcoins to accumulate at cheaper prices.
The top altcoins these large holders added were Polygon’s MATIC, with the average purchase being $67,000, and Chainlink’s LINK, with the average purchase being $35,000. Next came BUSD, with an average purchase of $23,000, followed by wrapped Bitcoin (WBTC), at $10,000 per purchase, on average.
Data shows that both MATIC and LINK have moved up over the last 30 days by 12% and 33% respectively, while BTC dropped nearly 13% over the same period.
Polygon, it’s worth noting, is a “protocol and a framework for building and connecting Ethereum-compatible blockchain networks”; it aggregates “scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.” Its price recently surged after the 175-year-old news agency Associated Press announced it was launching an NFT marketplace on its network.
Chainlink, a decentralized oracle network providing real-world data to smart contracts on the blockchain, has as reported seen whale accumulation over the last few months. The Associated Press, last year, also started providing Chainlink with economic, sports, and elections data through a partnership.
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