Millionaires are hoarding these two amazing cryptocurrencies. Should you do it too?

Millionaires are hoarding these two amazing cryptocurrencies. Should you do it too? - ETFsIn the cryptocurrency world, one way to get ahead of major market movements is to follow the activity of major market participants. These large market participants are known as "whales" and have the ability to move the market both up and down. Thanks to the transparency offered by blockchains, it is possible to follow the movements of the cryptocurrency whales in real time using easily available online tools. 

Based on a recent analysis on the chain, cryptocurrencies appear to have strong positions in both Uniswap (UNI) and meme coin Shiba Inu (SHIB). Both are cryptocurrencies that you can trade on Bitcoin Revolution and among the top 20 by market capitalization, but these may not be familiar names to all investors. Let's take a closer look at why cryptocurrencies might hold these coins and whether they might be right for you.

1. Uniswap

In the wake of the recent market crash, there has been much debate about the relative merits of centralized versus decentralized cryptocurrency exchanges. Centralized exchanges include FTX, Coinbase, and Binance. Decentralized exchanges include Uniswap, which is generally considered the largest, safest, and most liquid. In a recent 30-day period, Uniswap accounted for roughly two-thirds of all trading on decentralized exchanges.

In short, momentum appears to be shifting in favor of decentralized exchanges, where the risk of blocked withdrawals or network outages is less. It is also easier, cheaper and faster to trade different positions thanks to the liquidity they offer. Plus, since everything is completely decentralized, you don't have to worry about a bad actor at central HQ doing weird deals with your money. Proving how popular decentralized exchanges have become, Uniswap just overtook Coinbase to become the second most popular cryptocurrency exchange in the world for trading Ethereum, after only Binance.

2. Shiba Inus

The case of the Shiba Inu is more complex, as it is still too easy to see the Shiba Inu as a money-making meme coin. However, to Shiba Inu's credit, the creators of this meme coin have taken concrete steps to boost its overall value. The most dramatic step, of course, was to significantly increase the Shiba Inu emission rate. The coin was launched with a total circulation supply of 1 quadrillion coins, so it is imperative for Shiba Inu to keep burning coins if they are to hit the $1 price point. A massive Shiba Inu glut means this meme coin is still trading at just $0,000009177.

Shiba Inu has also taken steps to increase the utility of its coin. For example, Shiba Inu is developing a new online metaverse where cryptocurrency can be used to buy and sell land. It is also partnering with real-world retailers and merchants to get Shiba Inu accepted as a legitimate payment option. One recent victory, for example, is that of American Airlines. When you're ready to book your next trip, you can now pay for your flight with Shiba Inu.

Should you follow the cryptocurrency whales?

As a general rule, cryptocurrency whales move the markets. It's the same dynamic as the stock market, where investors make big decisions about what to do with a particular stock based on what Warren Buffett or a major hedge fund does. Therefore, by regularly monitoring the actions of these whales, it is possible to anticipate the next moves of the market and get a better idea of ​​the general sentiment of the market.

At the very least, by poking around the cryptocurrency wallets of major whales, one can get some good trading ideas. And you can also get a better idea of ​​how the world's largest cryptocurrency investors are allocating their portfolios and how many tokens they collectively own.

Buy Uniswap, but not Shiba Inu

At the moment I cannot recommend Shiba Inu. I still consider it a high-risk meme coin with little to no chance of reaching $1. However, I can recommend Uniswap as a long term purchase. Even before checking out the latest crypto stats, I was optimistic about Uniswap and its recent market moves (such as entering trading in other digital assets). The fact that Uniswap is the most popular cryptocurrency among the top 100 Ethereum cryptocurrencies in the world gives me further conviction that it is a solid long-term buy.