Whale Accumulation Patterns in Altcoins Revealed
On-chain data from Lookonchain indicates that whales are accumulating significant amounts of altcoins, setting the trend in the market. These whales are increasing their holdings in Maker (MKR), ssv.network (SSV), Coin98 (C98), and RSS3, as evidenced by substantial withdrawals from Binance.
Contrary to a fleeting occurrence, this whale accumulation has been ongoing for months, showing a sustained effort to acquire these specific altcoins.
Key Details of Accumulated Altcoins
The Lookonchain analysis uncovered interesting insights into the accumulated assets. One particular wallet, “0xB4aE,” initiated a notable withdrawal of 10 million RSS3 tokens from the OKX exchange, valued at about $1.44 million, highlighting growing interest in RSS3. Additionally, another prominent wallet, “0xb6a7,” withdrew 114,227 SSV tokens from Binance, amounting to approximately $1.93 million.
The Maker (MKR) Movement
Whale wallet “0x9e74” has been a major player, consistently withdrawing Maker (MKR) tokens from Binance since July 2023, amassing a total of 4,776 MKR. The investor recently moved $1.7 million worth of MKR from the exchange, signaling a strong confidence in the future of MKR.
With the continuous accumulation of MKR, it reflects confidence in the decentralized finance (DeFi) sector where MKR plays a significant role as a lender.
Latest Market Trends and Performance of Altcoins
Despite whale accumulation, RSS3 and Maker notably gained 34.8% and 10.7% in price, respectively, over the past two weeks. Conversely, SSV saw a 4.8% increase, while C98 observed an 8.6% decline over the same period.
Hot Take: Whales Leveraging Market Dynamics to Their Advantage
The substantial accumulation of altcoins by whales indicates a broader trend in the crypto space, where informed players are strategically directing their focus towards altcoins with strong fundamentals and high growth potential.
Source: Lookonchain Data
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