Whales, which are the big holders of cryptocurrencies, are churning out the crypto market. In the case of ETH, in particular, billionaires are showing their optimism by buying some potential altcoins.
According to recent data, one of the richest whales in ETH is bulk buying Polygon (MATIC) and two other decentralized finance (DeFi) altcoins awaiting a possible rise in 2022.
Data from the WhaleStats whale platform shows that the top 1,000 ETH whales purchased an average of $12,766 in MATIC tokens in the last 24 hours.
Among them, a notable transaction involves the second largest existing ETH whale. It has purchased over 2,000,000 MATIC tokens worth $5.02 million.
This came as altcoin retreated from its historic record of $2.92. As of this writing, MATIC is trading at $2.57.
Whales buy altcoins
Another altcoin that well-heeled investors are accumulating amid the downturn is DeFi Protocol Aave (AAVE).
According to WhaleStats, whales purchased an average of $10,627 worth of Aave over the same period.
Recently, the fourth largest whale in ETH did one of the largest Aave purchases acquiring approximately 19,949 Aave valued at $5.55 million.
WhaleStats also revealed that major cryptocurrency investors are investing in the decentralized exchange, Sushi (SUSHI), with an average purchase value of $4,140 over the same period.
Looking at the top ten altcoins purchased by ETH whales, ETH is at the top of the list. The average purchase price is $289,590.
In second and third place are stablecoins Tether (USDT) and USD Coin (USDC), respectively.
Also on the list of whales is Woo Network (WOO), a pool trading platform that ranks seventh. Then comes the Wrapped BTC (WBTC) platform, in eighth place.
Finally, other darlings are the metaverse tokens Decentraland (MANA) and The Sandbox (SAND), which complete the list.