GALA Surpasses WBTC as Most Traded Token Among Top 100 ETH Whales
GALA Surpasses WBTC as Most Traded Token Among Top 100 ETH Whales
GALA has dethroned WBTC as the most traded token among the top 100 ETH whales, according to data from WhaleStats. This shift highlights changing preferences among major Ethereum wallets. GALA, the official token of Gala Games, has gained traction due to its role in a blockchain-based gaming platform that rewards users with NFTs and cryptocurrencies.
UNI Leads as Most Widely Held Token
UNI remains the most widely held token among the top 100 ETH whales, followed by stETH, which holds the largest position by dollar value. Stablecoins like USDC and USDT dominate the holdings, with USDC ranking first at $7.2 million, indicating a move toward safer assets amid market volatility.
FTX Takes the Throne as Most Traded Token
FTX has surpassed GALA and WBTC to become the most traded token among whales. This shift coincides with Ethereum's price drop below $1,300, prompting whales to liquidate ETH positions and diversify into other tokens.
Market Volatility Impacts Crypto Holdings
The crypto market, which showed signs of recovery last week, reversed direction following the CPI report and Ethereum's merge event. Bitcoin and Ethereum have seen significant declines, with Bitcoin down 7.29% and Ethereum dropping 9.22% in the last 24 hours. The broader market is experiencing single to double-digit losses, reflecting investor uncertainty.
Whales Flock to Stablecoins
The increased holdings of stablecoins like USDC and USDT suggest that whales are seeking safer havens amid the market slump. This trend underscores a broader shift toward risk-averse strategies in the current crypto environment.
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