Ether Whale Focuses on This Cottage Coin Are They Giving Up on Shiba Inu and Dogcoin?

As the cryptocurrency market as a whole continues to decline, the world's richest Ether (ETH) whale is adding to its largest ETH rival.

Giant whales focus on this ethereal competitor

WhaleStats, a platform that tracks bulk purchases by whales, reported on Twitter that the largest ethereum whales are hoarding the cottage coin. According to WhaleStats, Fantom (FTM), a blockchain that supports scalable smart contracts, has become the top target for the 500 largest ETH addresses recorded in a 24-hour period this week.

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WhaleStats has also dropped popular prankster cryptocurrency Dogecoin (DOGE) rival Shiba Inu (SHIB), while Ether Whale is focusing on Phantom.

At the time of writing, Phantom (FTM) continues to trade at $1.20 while down 5.85% in the last 24 hours. In addition, the 45th-ranked cryptocurrency by market cap is down about 34% from its price a week ago.

A huge purchase from a mysterious whale

On Thursday morning, an Ether whale named "Gimli" purchased 1,300,000 FTMs, worth about $1.6 million.

Just seven minutes after this huge acquisition, Gimli purchased 476,799 Chainlinks (LINKs), worth over $6.3 million at the time of this writing.

Whale also focuses on stablecoins such as Tether (USDT), USD Coin (USDC) and Coin USD (BUSD). According to WhaleStats, wealthy investors bought an average of 898,595 USDT, 719,327 USDC and 245,651 BUSD.

Other notable large whale purchases on Thursday include

  • A giant ETH whale buys 485,000 LINKs, worth over $6.45 million
  • One ETH whale purchased 36,525,140,668 BEAR coins (BEAR) worth over $4.52 million.
  • An ETH whale buys over $1 million worth of 520 Bull Finance (BULL)
  • A giant ETH whale buys 399,999 LINKs worth over $5.32 million
  • An ETH whale buys 99,990 LINKs worth over $1.33 million