Ethereum Whales Pounce on Crypto Project Backed by FTX As Chainlink, Shiba Inu and Several Altcoins Endure Outflows

Must read

How the Metaverse could impact the lives of kids

The Metaverse is a virtual environment where people can carry out various tasks. The term “metaverse” was a term originally coined...

6 Questions for Dominik Schiener of the Iota Foundation

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to...

Ethereum in danger of 25% crash as ETH price forms classic bearish technical pattern

Ethereum's native token Ether (ETH) looks ready to undergo a breakdown move in May as it forms a convincing "bear pennant" structure.ETH price to...

Welcome to Mars: I own everything, have total privacy and life has never been better

This is a parody of the article published by the World Economic Forum titled “Welcome to 2030. I Own Nothing, Have No Privacy And...

The richest Ethereum (ETH) whales in the world are pouncing on one decentralized finance crypto project, according to WhaleStats.

The whale-watching platform notes that in the past seven days, the top 100 ETH wallets purchased an average of more than $1.9 million worth of Serum (SRM), the utility token of the Solana (SOL)-based decentralized exchange.

By comparison, average SRM sales among the top 100 ETH addresses last week were only $237,875.

SRM is trading at $2.45 at time of writing. The 133rd-ranked crypto asset by market cap is down more than 9% in the past week.

Serum is backed by the crypto exchange FTX, and FTX chief executive Sam Bankman-Fried serves as an advisor to the project. Among the top 100 ETH wallets, FTX Token (FTT) was purchased at an average purchase amount of $2.25 million and sold at an average purchase amount of $1.4 million in the past week.

WhaleStats also notes that the top 100 ETH addresses sold off an average of $679,410 worth of the popular memecoin Shiba Inu (SHIB) over the same timeframe. That exceeds SHIB’s average purchase amount of $582,686.

LINK, the native token for decentralized oracle platform Chainlink, also witnessed outflows. The top 100 ETH wallets sold an average of $305,923 worth of LINK last week without purchasing enough LINK to make the top ten purchased altcoins.

Ethereum also suffered outflows last week with the top 100 ETH wallets purchasing just over $7 million worth of the smart contract platform while selling $8.5 million of the crypto asset.

Source: WhaleStats

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/swatchandsoda/Sensvector/David Sandron/WindAwake

More articles

Latest article

How the Metaverse could impact the lives of kids

The Metaverse is a virtual environment where people can carry out various tasks. The term “metaverse” was a term originally coined...

6 Questions for Dominik Schiener of the Iota Foundation

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to...

Ethereum in danger of 25% crash as ETH price forms classic bearish technical pattern

Ethereum's native token Ether (ETH) looks ready to undergo a breakdown move in May as it forms a convincing "bear pennant" structure.ETH price to...

Welcome to Mars: I own everything, have total privacy and life has never been better

This is a parody of the article published by the World Economic Forum titled “Welcome to 2030. I Own Nothing, Have No Privacy And...

Binance CEO CZ to support Terra community but expects more transparency

Pointing out the potential issues with forking Terra, CZ said that “Minting, forking, don’t create value.” 23086 Total views 60...