Amid the Crypto Market Downturn, Whales Are Accumulating Shiba-Inu and 4 Other Altcoins

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In the last few days, a lot has happened in the global crypto market. With events ranging from a growing fear of Russia utilizing cryptocurrencies to circumvent US sanctions imposed as part of the current Russia-Ukraine crisis to South Korea launching its first cryptocurrency investment vehicle, cryptocurrencies are becoming increasingly popular.

The global cryptocurrency market capitalization declined 2.83 percent to $1.75 trillion in the last 24 hours. Bitcoin’s market share increased by 0.13 percent to 41.89 percent at the time of writing, with the currency trading at $39,099.

Whales Are Accumulating These Altcoins!

As the digital asset markets show signs of momentum, some of the world’s wealthiest crypto investors are pouncing on meme coin Shiba Inu (SHIB) and four other altcoins.

Shiba Inu is back in the top ten most purchased cryptocurrencies among the top 1,000 non-exchange Ethereum whales, according to whale-monitoring platform WhaleStats.

At the time of writing the meme-coin was trading at $0.00002442 down by 1.26 percent.

Aside from Shiba Inu, the biggest Ethereum whales are also buying Chainlink (LINK), Polygon (MATIC), Fantom (FTM), and Uniswap, a decentralized exchange (UNI).

USD Coin (USDC), Tether (USDT), and Dai, as well as Ethereum itself, are among the coins on the list. One of the biggest altcoin purchases this week was made by the world’s wealthiest Ethereum whale. According to WhaleStats, a wealthy investor recently purchased 49.99 billion SHIB for $1.20 million.

Another whale, one of the top one thousand wealthiest people on the planet, was discovered buying 2.5 million Polygon (MATIC) tokens for $3.50 million.

Another whale sighting occurred when the Ethereum network’s fourth-richest entity was seen purchasing 3 million FTM worth $4.47 million. The same whale was also caught eating $3.67 million worth of Chainlink.