The beauty of the blockchain is its transparency. You can see what the other ones are doing, particularly the whales, who are the real crypto trendsetters.
How to follow the whales?
The site whalestats.com allows to see the largest wallets on several blockchains, and particularly on Ethereum, the most used one by the whales who can afford to pay for the high gas fees since it is largely compensated by the Ethereum network security. The Ethereum page provides a lot of information:
The key points shown on the page above are:
- Most traded token in the last 24 hours: LINK. Probable cause: Chainlink ETP was listed on Feb. 10 by 21Shares. It might be a good reason to buy.
- Most widely held token: UNI. It is the token held by the highest number of wallets in the top 1000, but it is not in the top 10 $ value holdings.
- Biggest token position by $ value: SHIB. This situation is resulting from the previous price increases. SHIB position is nearly the same as FTX.
- Smallest positions in the top 10 holdings: CRO, MANA and MATIC. Therefore, there might be a bigger room for growth for these tokens than for the top ones (ETH, SHIB, FTX). A strategy can be to look at the tokens not listed there which target the same market, e.g., SAND (instead of MANA).
In summary, following the whales gives the trend and allows to see the tokens which have the biggest positions, and the ones which can still grow. However, before making any decision, it might be helpful to observe the whales for a period of time, in order to understand how these positions evolve.
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