Crypto Whales Started Accumulating These Lesser-Known Altcoins

Amid the current subdued performance of Bitcoin (BTC), sharks and whales have started accumulating altcoins and stablecoins. On-chain data provider Santiment reports:

advertisement

As sharks & whales stay flat on their #Bitcoin holdings, we are seeing that #stablecoins have been accumulated by these large holders, increasing their future implied buying power. 

The most widely accumulated stablecoins include USD Coin, Binance USD, and the DAI Stablecoin. The $100k-$10m whale addresses hold 37% USDC, 6% BUSD, and 39% DAI.

Courtesy: Santiment

Whales Accumulating Altcoins

On the other hand, some lesser-known altcoins have also been on the radar of the whales. During this month of May, whales and sharks have accumulated a few lesser-known altcoins such as Porspoer $PRO, Banqi $QI, and Maker $MKR. As per on-chain data provider Santiment, $100k-$1m tier of wallets have accumulated these assets.

Recommended Articles
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
ethereum price crypto news
Top 10 Cloud Mining Sites To Mine In 2023 , Here’s The List !
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read
Courtesy: Santiment

Another altcoin which has delivered a solid rally in the recent times is Render Token (RNDR). Just over the last fortnight, RNDR has gained 63% and has jumped to becoming the 45th largest cryptocurrency by market cap.

On Tuesday, May 23, the RNDR price surged all the way to $2.785 after which it entered into some sort of profit booking. On-chain data provider Santiment reported that investors need to stay cautious considering that the whale transactions surged to the third highest over the past month. Santiment explained:

The key shark & whale RNDR addresses are continuing to rise in terms of their number of addresses. The tan line, representing wallets holding 1m to 10m RNDR, are particularly increasing rapidly. 90 such addresses is the most in the history of the asset. And if whales were profit taking, these numbers of addresses likely wouldn’t be continuing to rise.

Courtesy: Santiment

Comments

Post a Comment

Popular posts from this blog

Bitcoin: Long-Term Trader RoI Drops To -34%

Image
The market’s crypto assets had quite a dull weekend, and so did Bitcoin. Over the past day, the BTC’s valuation noted a net 0% change and was priced at $16.75k at press time. Over the past 7 days, however, the $322.49 billion market-capped asset noted a 1% downward deviation. Source: CMC Leaving aside the short term, the state of affairs has similarly been monotonous over the mid-term too. It has been more than 6 months since the returns of the average active 5-year traders have been hovering in the negative territory. Data from Santiment revealed that this metric is currently hovering around a historically low level of -34%. As illustrated below, the MVRV [Market Value to Realized Value] Ratio stepped into the negative return territory on June 9, 2022, and has been hovering there ever since. At the first glance, the number might seem to be discouraging, but when viewed from the other perspective, it implies that this set of participants has no incentive to sell ...
Read more

Bitcoin Addresses With Over $1K of BTC Hits High of 8M

Image
Following the hype around the asset, recent data has shown that Bitcoin addresses with more than $1,000 worth of BTC have reached an all-time high of 8 million. Indeed, Glassnode reported a record high of Bitcoin addresses that hold around 0.028 BTC at its currency price of $35,115. Additionally, Blockware predicts that the figure could continue to grow shortly. Specifically, as Bitcoin continues to grow, there is a bullish sentiment permeating around predictions. Moreover, many predict the arrival of a Spot Bitcoin ETF in the coming months. Source: Bitcoinist Also Read: MicroStrategy Buys 155 More Bitcoin in October Bitcoin $1,000 Wallets Hits Record With Room to Grow Bitcoin has long been the most prominent cryptocurrency within the industry, but even this year feels like a step forward. Amid talk of asset management firms like BlackRock and Fidelity seeking Spot Bitcoin ETFs, the asset has renewed excitement surrounding its price. Subsequently, that excitement has equat...
Read more

AAVE, PEPE, and UNI Are Tokens to Keep an Eye On, Here’s Why

Image
AAVE may retest $100 if the shorter period Moving Average (MA) continues to outpace the longer term MA. PEPE may hold strongly to $0.000001 but it could soon be overbought. UNI’s potential to reach $6 remains very valid based on the AO and MACD. The trio of Aave (AAVE), Pepe (PEPE), and Uniswap (UNI) were part of the top cryptocurrencies bought on exchanges on November 9. This data was disclosed by hitesh.eth, a crypto research specialist on X (formerly Twitter). According to hitesh.eth, PEPE had a net flow of $4.74 million. AAVE has $3.2 million while UNI has $2.64 million. The CEX netflow measures the difference between exchange inflow and outflow.  A positive netflow means there is more accumulation than sell-offs while a negative value of the metric implies that tokens are being dumped than they are bought. In the case, of AAVE, PEPE, and UNI, the analyst noted that it was more of an accumulation. Top 5 Coins Investors bought on Exchanges Yes...
Read more