Which Ethereum (ETH) tokens show signs of accumulation from whales and smart money

Ethereum Tokens: Whale Accumulation and Smart Money Insights

Despite the fragmented altcoin market, buyers have become more selective in 2024. Amidst the plethora of Ethereum-based tokens, a select few have garnered attention based on whale accumulation and smart money activity.

Whale Accumulation and Smart Money Metrics

According to Nansen's smart money metrics, Ethereum activity reveals tokens with potential, while others may be ripe for selling. Two trends emerge:

• Stablecoin movement suggests potential bullish scenarios.
• BLUR displays ongoing accumulation rather than selling pressure.

Potential Sell-Offs

In contrast, the STRK token may face selling pressure due to Panthera Capital's recent divestment. Smart money is becoming increasingly relevant, as broader narratives often lead to underperforming tokens.

Narrative-Based Tokens Struggling

Narrative-based tokens have faced a decline in 2024, with an average negative return of -22%. Individual tokens are also losing ground to simpler forms of passive income, such as liquid staking and lending protocols.

Ethereum Token Ecosystem Recovery

Interest in tokens has rebounded, as the value locked in Ethereum's decentralized finance ecosystem has surpassed $60B. The number of tokens has also expanded, with most assets flowing into Uniswap.

Smart Contracts Highlight Active Tokens

Top smart contracts reveal promising Ethereum tokens, including:

• USDT and USDC (stablecoins)
• Wrapped XRP (tokenized version on Ethereum)
• Cronos Coin (CRO)
• Memecoin (MEME)
• ZRX (ZRX)

ERC-20 Token Activity

ERC-20 tokens have experienced a low point in activity in June, while July has brought more balance between sellers and buyers. Accumulation mode and new address acquisitions account for approximately 30% each of ERC-20 token activity.

Ethereum Tokens Gain Market Value

Ethereum-based tokens have collectively increased their market capitalization to $475M, with a daily growth of 4.75%. Rapid daily inflows reflect demand for quick appreciation, as seen in Solana and Base tokens.

Staking and Tokenized Projects

ETH stakers are diversifying their investments by turning to tokenized projects that provide value and passive income.

Conclusion

The Ethereum ecosystem offers tokens with additional utility and influence. Buyers in 2024 are more discerning, leading to whale accumulation and smart money buying in specific tokens. While some tokens may face potential sell-offs, others are poised for growth and innovation.