Ethereum Whales Are Preying On These Two Surprising Altcoins

Ethereum whales are making some surprising moves, in particular, targeting two altcoins.

Covered:

  • Uniswap Becomes Most Traded
  • Ethereum Whales Buying SHIB

Uniswap Becomes Most Traded

Ethereum whales are loading up on Uniswaps UNI token, and it’s doing wonders for its price action.

According to Whale States, UNI just flipped SHIB as the most traded among the top 1000 Ethereum wallets. This is surprising seeing as Uniswap — which is known for popularizing the “airdrop — has some big questions to answer about itself long-term. Grayscale, for example, sold off a bunch of Uniswap recently. The Grayscale fund is very influential and if they are selling many in the industry take note.

Also, there is regulatory uncertainty re: securities regulation. The UNI token’s existence is questionable, especially considering how unfair the governance process is on the DeFi protocol.

Nevertheless, there is some upside to Uniswap. Mainly, UNI should see a huge bump when Ethereum moves to Proof-of-Stake. Being the token of the flagship DeFi protocol on Ethereum, there is a definite upside to owning some, especially if the cheaper gas fees lead to an onslaught of new users and increased volume from existing ones.

The UNI token is currently up over 30% in the last 24 hours. It’s trading in the $9.22 USD range. However, it’s quite far off from its all-time high of $45 USD it set back in May of 2021.

Ethereum Whales Buying SHIB

Even more surprisingly, and perhaps even could be considered a headscratcher, ETH whales are not only buying SHIB, they are buying a lot of it.

The Shiba Inu community has surprisingly rallied around the dog coin even as it fell out of the top 10 in market cap. To their credit, Shiba Inu continues to bring new features to the Shiba universe like its Shiberse.

How this translates to long-term positive price momentum is unclear. For whatever reason, ETH whales have continued to buy up SHIB all through 2022. Hmm…

Eth Whales’ fascination with SHIB has seen the token rise 12% in the last 24 hours. It’s currently trading in the $0.00001207 range.

Recommended: Eth Whales Have Been Scooping Up A Lot Of This Protocol Lately

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