Ethereum Whales Are Favoring These 10 Cryptos The Most Today

The largest Ethereum ETH/USD wallets appeared to be loading up on stablecoins on Thursday.

What Happened: According to data from WhaleStats, Ethereum whales bought an average of $2.1 million worth of USD Coin USDC/USD and $1.3 million worth of Tether USDT/USD in the last 24 hours.

Whales were also seen buying $50,000 worth of Binance USD BUSD/USD and another $50,000 in Gemini USD GUSD/USD.

Aside from stablecoins, whales bought an average amount of $1.4 million ETH and $79,000 of Chainlink LINK/USD.

Shiba Inu SHIB/USD remained a whale favourite with 1.5 billion tokens acquired for an average purchase amount of $40,000. The Dogecoin DOGE/USD rival ranked seventh in terms of the ten most-purchased tokens over the last day. 

Whales acquired $31,000 worth of Alpha Finance ALPHA/USD, $19,000 worth of Storj STORJ/USD and $18,000 worth of Chiliz CHZ/USD – these tokens saw a decline of over 10% over the past 24 hours as the broader crypto market dipped to $2.04 trillion.

During periods of high volatility, market participants are likely to move their crypto holdings to dollar-pegged stablecoins to limit further downside risk.

Price Action: According to data from Benzinga Pro, the leading digital asset Bitcoin BTC/USD was trading at $44,584, losing 5.47% over the last 24 hours.