The richest Ethereum (ETH) whales in the world are pouncing on one decentralized finance crypto project, according to WhaleStats.
The whale-watching platform notes that in the past seven days, the top 100 ETH wallets purchased an average of more than $1.9 million worth of Serum (SRM), the utility token of the Solana (SOL)-based decentralized exchange.
By comparison, average SRM sales among the top 100 ETH addresses last week were only $237,875.
SRM is trading at $2.45 at time of writing. The 133rd-ranked crypto asset by market cap is down more than 9% in the past week.
Serum is backed by the crypto exchange FTX, and FTX chief executive Sam Bankman-Fried serves as an advisor to the project. Among the top 100 ETH wallets, FTX Token (FTT) was purchased at an average purchase amount of $2.25 million and sold at an average purchase amount of $1.4 million in the past week.
WhaleStats also notes that the top 100 ETH addresses sold off an average of $679,410 worth of the popular memecoin Shiba Inu (SHIB) over the same timeframe. That exceeds SHIB’s average purchase amount of $582,686.
LINK, the native token for decentralized oracle platform Chainlink, also witnessed outflows. The top 100 ETH wallets sold an average of $305,923 worth of LINK last week without purchasing enough LINK to make the top ten purchased altcoins.
Ethereum also suffered outflows last week with the top 100 ETH wallets purchasing just over $7 million worth of the smart contract platform while selling $8.5 million of the crypto asset.
Featured Image: Shutterstock/swatchandsoda/Sensvector/David Sandron/WindAwake