Forget BTC, Sharks And Whales Have Started Accumulating Altcoins and Stablecoins
Bitcoin (BTC) has recently been facing some selling pressure and trading in a tight range between $26,500-$27,500 for a while. The trading volume and liquidity for Bitcoin have dried up with exchange inflows hitting new lows.
Amid the current subdued performance of Bitcoin (BTC), sharks and whales have started accumulating altcoins and stablecoins. On-chain data provider Santiment reports:
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.
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.
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.
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
