Introduction

What is Ethereum?

Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet.

Today, billions of people can’t open bank accounts, others have their payments blocked. Ethereum's decentralized finance (DeFi) system never sleeps or discriminates. With just an internet connection, you can send, receive, borrow, earn interest, and even stream funds anywhere in the world.

Ethereum isn't just for digital money. Anything you can own can be represented, traded and put to use as non-fungible tokens (NFTs). You can tokenise your art and get royalties automatically every time it's re-sold. Or use a token for something you own to take out a loan. The possibilities are growing all the time.[1]

What is Solana?

Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3, and more. Solana's scalability ensures transactions remain less than $0.01 for both developers and users. Solana is all about speed, with 400 millisecond block times. And as hardware gets faster, so does the network. Not only is Solana ultra-fast and low cost, but it is also censorship resistant. The Solana network is spread over thousands of independent nodes — which means that your transactions are always safe.[2]

Who is a whale in crypto?

A cryptocurrency whale, more commonly called a "crypto whale" or just a "whale," is a cryptocurrency community term that refers to individuals or entities that hold large amounts of cryptocurrency. Whales hold enough cryptocurrency that they have the potential to manipulate currency valuations. Achieving whale status in the cryptocurrency space is subjective. In most cases, the community seems to agree that a large percentage of the available coins make an account a whale. In general, whales seem to account for more than 10% of the total number of a specific cryptocurrency[3].

so it seems that the whales have a lot of money compared to other users. a lot of money causes more power and knowledge and it seems that the whales go somewhere that can benefit them more. comparing the activity of the whales on Solana and Ethereum can be useful to compare their benefits.

Refrenses

Methodology

for Ethereum NFT whales, ethereum. core.ez_nft_sales table has been used. for Solana NFT whales, Solana.core.fact_nft_sales have been used. In this table, the transaction volume is only based on Solana so for finding the USD price we had to multiply the daily Solana volume by the daily USD price. no table contained daily Solana price in USD so we extracted Solana price from Solana.core.fact_swaps by tracking USDC to Solana swapping.

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for finding Ethereum top holders, ethereum.core.ez_current_balances table have been used. To make sure these addresses are users and not contract address we checked them and make sure they are not in ethereum.core.dim_labels, ethereum.core.dim_contracts and ethereum.core.dim_labels. also for Solana top holders solana.core.fact_transfers have used. solana inflow and outflow for each contract address have been found and make sure these addresses are users and not contract we checked them and make sure they are not in solana.core.dim_labels.

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now we have all whale addresses of Solana and Ethereum. for volume percent the whales we extracted volume of each group and then divided then to total amount.

1.NFT whales

First, we have examined the activity of whales in the NFT market. To identify whales, we need a histogram chart based on NFT trading volume for Solana and Ethereum. The bottom two graphs show Solana and Ethereum histograms. it seems whales of Ethereum are bigger than Solana whales. much bigger! for explaining this issue we take a look at the total volume of NFT seals in Solana and Ethereum. The total volume of Ethereum NFT seals is 171076235447.504 and the total volume of Solana NFT seals is 4376662504 which means the NFT market of Solana is like a lake and the Ethereum NFT market is like an ocean.

now we should define whales for each market. we defined the 1000 first users of Solana and 2000 first users of Ethereum based on USD volume as whales. it is because of the total number of users of Solana is 1278428 and the total number of users of Ethereum is 2300509 Almost double.

in the end, we found out 83 percent activity of Ethereum NFT related to whales and 10 percent of the activity of Solana NFT related to whales which means the Ethereum NFT market is most liked by whales.

holders whale

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The two tables below show 100 top Solana and Ethereum whales with their assets. the biggest whale of Ethereum has 83986665 Ethereum and the biggest whale of Ethereum has 14693511 Solana. The total eth position of 100 top whales is 191726885 and the total Solana position of 100 top whales is 43795435 which means the whales of Ethereum are much bigger than Solana.

to find out the effect of the token flow of whale addresses on Ethereum and Solana prices, we have found daily charts of the inflow and outflow of both[4,5]. for Ethereum, there is a spike in token-in in 2016 after the Ethereum price started to rise. in 2016 The price was 9 dollars and two years later it reached 1100 dollars. seems another spike has occurred in AUG 2022 Should we wait for a price increase?

for Solana, An impressive volume entered whales addresses in JUN 2020. Do the whales think $30 is Solana's price floor?

Now it is time to see how much volume of transactions by groups related to these holder whales. The 6 tables below show the percentage of transactions made by whales by groups. it seems Solana holder whales tend to be more active and Ethereum whales like holding.

Conclusion

in the first section of this dashboard, we explored whale activity on Ethereum and Solana after exploring we found out the major activity of NFT seals of Ethereum related to whales , and only 10 percent of the activity of NFT seals of Solana was done by whales.

in the second section first we extracted 100 top whale addresses of Solana and Ethereum. it seems whales of Ethereum are much bigger than Solana and we named Ethereum oceans and Solana lake. after that we explored the effect of token flow of whale addresses on price of Solana and Ethereum and we found out that a spike in inflow or outflow can affect the price. and at last we explored the activity of these whales on transferring, swappingg and NFT seals and we found out whales of Solana are more active than Ethereum whales.

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