Ethereum has had a rocky start to the year, with its value plummeting by $1,500.
In spite of the fact that the Ethereum network possesses the greatest amount of human capital compared to its competitors, the latter is quickly catching up. This is one of the primary reasons why ETH whales are on the lookout for other cryptocurrencies to put their money into.
According to recent research published by Electric Capital, ETH competitors such as Polygon, Solana, Binance Smart Chain, Polkadot, and Terra are progressing at a quicker rate.
Veterans from all around the cryptoverse are debating the faults with Ethereum and recommending other cryptocurrencies that have seen considerable growth in 2021.
Ethereum Whales are drifting towards other altcoins
Another fascinating piece of information that has been making the rounds in the media is ETH whales amassing stablecoins and other altcoins. The top 1,000 non-exchange ETH wallets capitulated a big chunk of dollars worth of USDT, USDC, and Binance USD during the previous week, according to new data from whalestats.
An ETH whale just bought 199,999 $link ($3,909,999 USD).Ranked #4 on WhaleStats: https://t.co/EIH4SaZXdRTransaction: https://t.co/CBp6sNgyz6#LINK #ERC20 #DEFI #ETH #whalestats— WhaleStats – the top 1000 Ethereum richlist (@WhaleStats) January 21, 2022
Notably, whales bought $62,569 worth of Polygon (MATIC) and FlexUSD, which is a stablecoin. Further, HEX and Chainlink were also popular with whales, who gave them $28,133 and $27,394 worth of tokens each.
WhaleStats also found that some of the rich people who own a lot of ETH are good investors on their own. We now know that the 4th ranked people in ETH are going to buy some LINK (200k) and Maker (100k).
As a whole, Ethereum isn’t able to pay its high gas fees, and by becoming deflationary, it’s likely to kill all of its supply too in the future. It’s not like ETH whales aren’t buying the star altcoin. They are, but the capitulation levels have gone way down. Thus, if its merger turns out to be a mistake, then it looks like other altcoins could steal the show, which is what could happen.
