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Benzinga

Madhukumar Warrier

Ethereum Whales Are Trading This Coin The Most Today

Alchemix (CRYPTO: ALCX) has emerged as the most traded cryptocurrency by the 1,000 biggest Ethereum (CRYPTO: ETH) wallets in the past 24 hours.

What Happened: Alchemix was also ranked ninth among the most used smart contracts by the Ethereum whales, according to data from cryptocurrency data platform WhaleStats.

See Also: How To Buy Alchemix (ALCX)

Why It Matters: Alchemix is a project that allows users to create yield-backed synthetic tokens that can be used to pay off debts. The Alchemix Finance protocol lets users open collateral-backed loans that are paid off automatically using yield generated by the collateral.

Price Action: Alchemix is down 0.2% during the past 24 hours, trading at $94.64 at press time.

Read Next: UK Regulator Bans Crypto ATMs: 'People Should Be Prepared To Lose All Their Money'

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