Whales Accumulate Underrated Cryptocurrencies

Whales Accumulate Underrated Cryptocurrencies


Sharks and whales accumulate altcoins and stablecoins as Bitcoin faces selling pressure and low trading volume, according to on-chain data provider Santiment.

Bitcoin (BTC) has recently been facing some selling pressure and trading in a tight range betwixt $26,500-$27,500 for a time. The volume of trading and liquidity for Bitcoin (BTC) have dried up with exchange inflows hitting new lows.

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

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

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

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Whales Accumulating Altcoins

On the other hand, some lesser-known crypto altcoins have likewise been on the radar of the whales. During these 30 days of May, whales and sharks have accumulated several  lesser-known crypto 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.

Whales Accumulate Underrated Cryptocurrencies
Courtesy: Santiment

Another crypto altcoin which has delivered a solid rally in the past few times is Render Crypto Token (RNDR). Just over the last fortnight, RNDR has gained 63 percent and has jumped to becoming the 45th largest digital currency by market capitalization.

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 informed that investors must stay cautious seeing as that the whale transactions surged to the third highest in the previous 30 days. Santiment explained:

The key shark & whale RNDR addresses are continuing to boost 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 investment. And if whales were profit taking, these numbers of addresses likely wouldn’t be continuing to rise.

Whales Accumulate Underrated Cryptocurrencies
Courtesy: Santiment



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