The second largest cryptocurrency, Shiba Inu (SHIB), has the largest USD equivalent holdings of the top 100 whales on the Ethereum chain. However, the most traded token was a different coin. Here are the details…
SHIB is the largest token held by whales relative to its US dollar equivalent. However, it has dropped from its position as the most traded token, making it a minor token. A few hours ago, ALCX was the most traded token, according to a tweet by cryptocurrency data platform WhaleStats.
Thus, the Shiba surpassed the Inu. Alchemix ranks 385 on CoinMarketCap and is changing hands at $35.47. But so far, ALCX has been moved to this key position by SwissBorg (CHSB). The whales are holding $510,300,966 worth of Shiba Inu as of this writing. The meme token is trading at $0.00001196 at the time of writing.
On the other hand, Alchemix (ALCX) is changing hands at $35.01, down 8.59 percent. The cryptocurrency, which is in the 387th place with its market value, saw the highest $ 38 during the day. ALCX hit its all-time high of $11,060 on May 11, 2021. It has since lost over 99 percent of its value. It is worth noting that ALCX is attracting attention among the 2,000 largest Ethereum whales.
As Coinactual.com reported, Alchemix says it offers a new way to pay back debt. It uses the yield from deposits to amortize users' debt. The longer you leave your deposit, the more return you will get. As a result, you pay back more of your loan. With Alchemix, you deposit money into the protocol and this deposit becomes collateral for a loan you can get. For every $2 you deposit, up to $1 of collateral can be given. Alchemix takes your deposits and puts them in Yearn's vaults for yield. Over time, that return pays off your debt.
By the way, you have the opportunity to convert your loan to fiat. You can also use it for purchases. Apart from that, you have the chance to earn additional income by staking in the Alchemix ecosystem. In short, Alchemix makes it easy to do two things.
First, it allows you to receive an advance on your future earnings. Second, it allows you to automatically repay the advance. This can be especially valuable if you have urgent cash needs but don't want to sell your crypto. In other words, Alchemix allows you to receive an advance on the future earnings of your crypto. It pays back the advance without you having to watch it closely.
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