Ethereum Whales Pounce on Crypto Project Backed by FTX As Chainlink, Shiba Inu and Several Altcoins Endure Outflows

According to WhaleStats, the world’s wealthiest Ethereum (ETH) whales are swooping in on one decentralized financial crypto project.

The top 100 Ethereum wallets purchased an average of more than $1.9 million worth of Serum (SRM), the utility token of the Solana (SOL)-based decentralized exchange, in the last seven days, according to the whale-watching platform.

Last week’s average SRM sales among the top 100 Ethereum addresses were only $237,875

At the time of writing, SRM was trading at $2.45. The 133rd most valuable crypto asset has dropped more than 9% in the last week.

Serum is backed by FTX, a cryptocurrency exchange, and its CEO, Sam Bankman-Fried, is a consultant to the project. FTX Token (FTT) was purchased at an average buy amount of $2.25 million and sold at an average purchase amount of $1.4 million in the last week among the top 100 ETH wallets.

Over the same span, the top 100 ETH addresses sold an average of $679,410 worth of the popular memecoin Shiba Inu (SHIB), according to WhaleStats. This is more than SHIB’s average buying price of $582,686.

Outflows were also seen in LINK, the native token of Chainlink, a decentralized oracle network. Last week, the top 100 ETH wallets sold an average of $305,923 worth of LINK without buying enough to crack the top ten altcoins acquired list.

Last week, Ethereum saw outflows as well, with the top 100 ETH wallets purchasing little over $7 million of the smart contract platform while selling $8.5 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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