GALA flips WBTC as the most traded token among the top 100 ETH whales, according to data available on whale analytics platform WhaleStats.
GALA is the official token of Gala Games, a blockchain-based gaming platform that enables users to gain non-fungible tokens (NFTs) and cryptocurrencies through games. Notably, there are many games on the platform with a wide range of in-game features.
However, the dethronement was short-lived, as FTX now holds the title of most traded among the whales. FTX even took the throne, taking over Ethereum’s position.
This is mainly because Ethereum has slumped below $1,300. The whales are mostly liquidating their ETH positions and moving their funds to other tokens.
As per the data from WhaleStats, UNI is the most widely held token. It is followed by stETH, which holds the biggest token position by dollar value.
In terms of the holdings of the top 100 ETH whales, USDC ranks first with $7.2 million worth of holdings. It is followed by USDT, stETH, and the people’s favorite, “Shiba Inu.” The increased holdings of stablecoins reveal that the whales have moved to stablecoins as the market is slumping.
The crypto market that was slowly recovering last week reversed its direction after the CPI numbers were out. It was also followed by the merge event, where holders started selling ETH after the merge event.
At the time of writing, Bitcoin is down 7.29% and Ethereum is down by 9.22% in the last 24 hours. The whole crypto market is experiencing single and double-digit losses.
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Source: Cryptocurrency - investing.com
