If Bitcoin whales are aristocrats, then Ethereum whales are certainly the “new money”. And it seems that the newly rich are really into Shiba Inu. However, as Shiba slips through the ranks as a done to death meme, Ethereum whales are buying USD Coin in a hurry. As the Russia-Ukraine war continues to disrupt the market, ETH whales are pulling their previous bets on SHIB. Essentially, USD Coin is a sensible diversification option that could easily help with OTC deals or simply a safer way to store institutional money. This flight to safety via stablecoins is indicative of a lack of trust in the banking system all over the world. In which case, USD Coin comes out on top as the stablecoin of choice.
USD Coin Flipped the Dog!
Ethereum whales are notorious fans of Shiba Inu, they like and retweet all images of Elon’s dog Floki and hold over $1.53 billion in SHIB. But, in a sad turn of events, the situation in Europe and honestly the world has institutions looking for safety rather than profit.
Subsequently, the top ETH wallets are currently holding $1.64 billion in USD Coin. This is over 13% of capital in these wallets which takes the first spot. Despite the tragic flip, Shiba is still second with a close 12.4% while FTM is third with 12.39%.
Currently, SHIB is the 15th ranked cryptocurrency by market cap and is down almost 9% in one week. On the other hand, FTM had a sizeable crash of almost 20% due to an abrupt departure Andre Cronje who is a key developer. In that regard, USD Coin has been a pretty smart decision for Ethereum whales.
The Flight to Safety
Generally speaking, Ethereum whales are very aggressive investors who tend to opt for short-term rallies than hodling foe years to come. Nonetheless, USD Coin is a stablecoin and provides no returns. Investing in USDC is a significant sign for further volatility in the markets.
Having said that, it is also fascinating to see how stablecoins are a preferred store of value than traditional banking system. Decentralized digital assets have proven to be far more reliable in case anything goes wrong.
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