Whales Dive Into Top Ethereum (ETH) Competitor and Ditch Shiba Inu (SHIB) As Crypto Volatility Returns

The richest Ethereum (ETH) whales in the world are accumulating a top ETH competitor as the overall crypto market continues to pull back.

WhaleStats reports on Twitter that scalable smart contract-enabled blockchain Fantom (FTM) became the top target of the 500 biggest ETH address on record over one 24-hour period this week, flipping popular dog-themed meme coin and Dogecoin (DOGE) competitor Shiba Inu (SHIB).

FTM is exchanging hands at $1.15 at time of writing. The 45th-ranked crypto asset by market cap is down nearly 14% in the past 24 hours and more than 36% from where it was priced one week ago.

In one large transaction, an Ethereum whale known as “Gimli” purchased 1,300,000 FTM worth nearly $1.6 million on Thursday morning.

Seven minutes later, the deep-pocketed investor also purchased 476,799 Chainlink (LINK) worth more than a staggering $6.3 million at time of writing.

The whales were also snapping up stablecoins, such as Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) by the hundreds of thousands. The wealthy investors bought an average of 898,595 USDT, 719,327 USDC, and 245,651 BUSD, according to WhaleStats.

Other notable supersized whale purchases on Thursday include:

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