New blockchain data shows that investors with large holdings of ether have begun to invest in the main competitors of the second cryptocurrency.
According to WhaleStat, a significant portion of the top 100 addresses with the largest ETH balances invest in WLUNA tokens. This is the “wrapped coin” of LUNA, the native cryptocurrency of Ethereum competitor called Terra. The use of “wrapped tokens” allows you to invest in third-party coins for the Ethereum network. In addition, such tokens can be used in DeFi applications.
Thanks to the investments of the “whales”, WLUNA entered the list of the 10 most frequently bought assets on the Ethereum network. On average, large investors buy 900 WLUNA, which at the current rate is about $83,700. Over the past month, the LUNA rate has increased by 76% and now one coin is traded at $93.
Also, large investors are quite actively trading the FTM token of Ethereum’s competitor, the Fantom network. In a week, the “whales” sold even more tokens than they bought. The inflow of funds was also recorded in WBTC and LINK tokens.
Recall that at the end of February, the Luna Foundation Guard announced the successful completion of the closed sale of LUNA tokens for $1 billion. The funds will be used as a reserve for the UST stablecoin.
Source: Bits
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