People with significant investments in Ethereum don’t always stick to just one cryptocurrency. They frequently shared their fortune.
According to the tracking website WhaleStats, that is precisely what has been taking place lately. In particular, Ethereum whales are buying obscene amounts of these three cryptocurrencies.
1. US coin
Today’s top 100 Ethereum whales rank USD Coin (CRYPTO: USDC) as their preferred cryptocurrency. And based on the average volume amount, it’s not even a close race.
In fact, these investors haven’t seen much of a return on the USD Coin. That is reasonable for a stablecoin. The USD Coin and the USD are 1:1 tied to one other. Its cost rarely changes significantly over time.
However, depending on its adoption, USD Coin’s market cap may vary slightly. Its market capitalization has somewhat decreased during the past year. The larger market issues that reduced interest in cryptocurrencies are mostly to blame for this slight fall.
However, Ethereum whales and numerous other cryptocurrency traders continue to see USD Coin as a valuable asset. Good news has come from the stablecoin’s adoption for Coinbase Global, which co-founded USD Coin with fintech firm Circle.
Ethereum whales are also purchasing Tether, the most popular stablecoin in the world (CRYPTO: USDT). Tether is the third-largest cryptocurrency by market cap, behind only Bitcoin and Ethereum, with a value of about $67.8 billion.
Similar to USD Coin, Tether’s price fluctuates minimally. One of the keys draws for investors is this steadiness. The stablecoin’s owners can also stake their tokens and receive interest. For instance, YouHodler, a cryptocurrency trading site, offers a yearly interest rate of 8.32% for staking Tether.
Tether isn’t as well-known as it once was, though. Early in May 2022, its market capitalization exceeded $83 billion. The stablecoin’s market cap is now less than $68 billion.
The most unexpected cryptocurrency that Ethereum whales are purchasing en masse is Chiliz (CRYPTO: CHZ). Based on the average trading volume among the top 100 Ethereum whales, the digital token is just behind USD Coin and Tether. However, according to CoinMarketCap, Chiliz only ranks 53rd out of all cryptocurrencies with a market worth of about $906 million. Chiliz is off to a wonderful start in 2023, just like many other cryptocurrencies. To date, its price has increased by around 40%.
Why are Ethereum whales so fond of Chiliz? It’s probable because Chiliz is the only cryptocurrency accepted on the sports platform operated by Socios.com. Sports enthusiasts throughout the world can interact with many of their favorite sports teams (including the Boston Celtics, FC Barcelona, and Juventus).
Do non-whales find these cryptocurrencies to be worthwhile investments?
These three cryptocurrencies aren’t always the best choices for investors who aren’t whales just because they’re the ones Ethereum whales are purchasing the most of. Stablecoins like USD Coin and Tether are less dangerous than the majority of cryptocurrencies. They don’t, however, offer as much upside potential. Chiliz might be more appealing to some sports enthusiasts than other people, but not everyone.