A whale-watching resource has discovered that the richest addresses on the Ethereum network have been loaded onto Polygon ($MATIC) and Chainlink ($LINK) as the cryptocurrency market recovers, with only ETH and Ethereum stablecoins leading these coins in terms of holdings.
According to data from WhaleStats, first spotted by DailyHodl, the 1,000 largest addresses on the Ethereum network over the past few days have been uploaded to Polygon and Chainlink, along with ETH and the leading stablecoins USDC and USDT.
Monitoring resource data shows that over the past seven days, the most purchased tokens by the top Ethereum whales were ETH with an average purchase of $1.1 million, followed by USDC with an average purchase of $830,000, and USDT with an average purchase of $550,000 . .
Due to the recent downturns in the cryptocurrency market, whales may have been feeding on stablecoins to wait on the sidelines as prices plummet, choosing ETH and other altcoins to pile up at cheaper rates.
The top cryptocurrencies added by these large holders were Polygon’s MATIC, with an average purchase of $67,000, and Chainlink’s LINK, with an average purchase of $35,000. Next came BUSD, with an average purchase of $23,000, followed by Bitcoin (WBTC), with an average purchase price of $10,000 per purchase.
The data shows that over the past 30 days, MATIC and LINK have risen by 12% and 33%, respectively, while Bitcoin is down about 13% over the same period.
Notably, Polygon is a “protocol and framework for building and interconnecting Ethereum-compatible blockchain networks”; It assembles “scalable solutions on Ethereum that support the Ethereum multi-chain platform.” Its price recently soared after the 175-year-old Associated Press announced it was launching a marketplace for NFT on its network.
Chainlink, a decentralized oracle network that provides real-world data to smart contracts on the blockchain, has reported a backlog of whales over the past few months. Last year, the Associated Press also began providing Chainlink with economic, sports and election data through a partnership.
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