Millionaires Are Not Dogecoins: They're Buying From These 2 Altcoins!
In the crypto world, one way to stay ahead of big market moves is to follow the activities of the biggest market participants.
In the crypto world, one way to stay ahead of big market moves is to follow the activities of the biggest market participants. These large market participants are known as “whales” and can move the market both up and down. According to a recent on-chain analysis, crypto whales hold large positions not in Dogecoin (DOGE), as expected, but in Uniswap (UNI) and Shiba Inu (SHIB).
Whales focus on Uniswap
Following the recent market meltdown, there has been considerable debate about the relative value of centralized cryptocurrency exchanges to decentralized cryptocurrency exchanges. Centralized exchanges include Coinbase and Binance, most popularly outside the currently bankrupt FTX. Among decentralized exchanges, Uniswap is generally considered the largest, safest and most liquid. In the past 30-day period, Uniswap accounted for about two-thirds of all transactions on decentralized exchanges.
So the momentum seems to be shifting in favor of decentralized exchanges, where there is less risk of stopping withdrawals or network outages. It is easier, cheaper and faster to take different positions because of the liquidity they provide. Since everything is completely decentralized, you don't have to worry about a bad actor trading your money. In proof of how popular decentralized exchanges have become, Uniswap has surpassed Coinbase in terms of Ethereum transactions and is the second most popular crypto exchange in the world, after Binance.
Dogecoin (DOGE)'s ancestor Shiba Inu is also whales.
The creators of the Shiba Inu are taking concrete steps to increase the coin's overall value. Of course, the most dramatic step has been to significantly increase the Shiba Inu's burn rate. The coin was launched with a total circulating supply of 1 quadrillion coins, so it is absolutely imperative that the Shiba Inu continue to burn if it wants to reach the $1 price point. Shiba Inu has an enormous oversupply.
Shiba Inu is also taking steps to increase the coin's utility. For example, the Shiba Inu is developing a new metaverse world. It also partners with retailers and real-world vendors to ensure the Shiba Inu is accepted as a legitimate payment option. For example, as Coinzigzag.com reported, it was recently announced that American Airlines tickets can be purchased with SHIB.
Should you follow crypto whales?
As a general rule, crypto whales move the markets . It's really the same dynamic as in the stock market, where investors make key decisions about what to do with a particular stock based on what Warren Buffett or a major hedge fund is doing. Therefore, by making a regular habit of checking what these whales are doing, it may be possible to predict upcoming market movements and get a better idea of overall market sentiment, according to Dominic Basulto of US consulting giant The Motley Fool.
Basulto says he "cannot recommend the Shiba Inu at this time." He still sees the coin as a high-risk meme coin with little or no chance of reaching $1. “However, I can recommend Uniswap as a long-term purchase,” he says. Even before looking at the latest crypto whale statistics, he says he's optimistic about Uniswap. “The fact that Uniswap is the most-held crypto among the top 100 Ethereum whales in the world gives faith that it is a solid long-term buy,” he says.