Ethereum Whales Are Investing in A Competitor Blockchain Token, Fantom

Ethereum whales are looking towards other smart contract tokens for investment.

Top Ethereum whales, holding more than $1 million worth of digital currency, are switching attention from Shiba Inu to a scalable ETH competitor. According to WhaleStats, these deep-pocketed investors spent big within the last 24 hours to get ERC-20 tokens like FTM, LINK, and some stablecoins.

Tracking Investments from Top Ethereum Whales

WhaleStats, a cryptocurrency data platform, tracks the activities of the biggest 1000 Ethereum investors. The data platform ranked Fantom’s FTM as the most traded token among the largest Ethereum holders in 24 hours.

One of the rich Ethereum holders named Gimli spent $1.6 million to buy 1,300,000 FTM tokens. The same crypto whale also invested more than $6 million on Chainlink’s LINK token.

USD Coin (USDC), Tether (USDT), Binance USD (BUSD) are among the top stablecoins used by the richest Ethereum whales to counter the current volatile market.

The Current Crypto Market

The cryptocurrency market, though volatile, is currently faced with uncertainties due to the Russia-Ukraine war. As such, big investors are rapidly moving funds around in a bid to cut losses and maximize profits.

WhaleStats revealed how top Ethereum investors were purchasing Shiba Inu tokens in late February. Today, Shiba Inu token is now trading for $0.000023, down by 1.59% from its price in the last 24 hours.

Meanwhile, Fantom’s FTM is worth $1.24 at the time of reporting. The coin value dropped by 1.87% in the last 24 hours. Within the same timeframe, FTM remains the sixth most used smart contract.

Chainlink is another popular smart contract, according to WhaleStats. LINK’s price today is $13.25, a 0.24% drop from its highest value in the last 24 hours.

Why Fantom and Chainlink are Important to Investors

Fantom is a DAG-based smart contract created to resolve slow transactions attributed to Ethereum and Bitcoin. DeFi applications can use Fantom services to create faster financial solutions for investors thanks to its directed acyclic graph.

Perhaps one reason why Fantom is gaining attention from top Ethereum investors is because of its growth in one year. FTM total value locked on is currently above $6 billion, increasing from $373,203 in April 2021.

On the other hand, Chainlink started as a platform that provides hybrid smart contracts. As a result, integrating off-chain data from the traditional world into smart contracts becomes easier using the Chainlink ecosystem.

Today, Chainlink provides data verification solutions for companies like the Associated Press, FedEx, and AccuWeather. The total value secured by the decentralized oracle network crossed $75 billion, making it one of the fastest-growing cryptos in 2021.

 

Share:

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.