Ethereum blockchain data shows that the largest whales on the network have been accumulating a number of altcoins amid the recent crypto market drop, including Decentraland ($MANA), The Sandbox ($SAND), Crypto.com’s $CRO, and Curve’s $CRV.
According to data shared by WhaleStates, a Twitter account tracking the 1,000 richest wallets on the Ethereum network, these whales have been mostly buying the dip on ether, which recently dropped over 6%.
WhaleStats’ data also shows whales have been accumulating stablecoins – USDC, USDT, and BUSD – presumably in a bid to escape the volatility in the market that saw the total market capitalization of the crypto space drop by over $200 billion in a day.
Next, they have been accumulating the altcoins referred above, along with wrapped Bitcoin (WBTC) and a new meme-inspired cryptocurrency rivaling both Shiba Inu ($SHIB) and Dogecoin ($DOGE) called Dogelon Mars ($ELON).
Dogelon Mars is a cryptocurrency created as a meme inspired by Elon Musk’s plans to colonize Mars and by Dogecoin itself. According to the team behind it, 50% of the cryptocurrency’s supply was “donated to Vitalik Buterin as a gesture of peace who then later gifted his tokens to charity” while another portion was “permanently locked in the Uniswap liquidity pool.”
Dogelon Mars’ growth has seen its market capitalization surpass the $1 billion mark earlier this month. As the cryptocurrency market dropped, it has since seen its market cap move back down to $700 million.
Its large trading volume among ETH whales has seen it become one of the most-searched-for meme cryptocurrencies, behind only Shiba Inu.
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Featured Image via Dogelon Mars’ website