Whale bots have detected unusual whale activity in an Ethereum-based altcoin project. Here’s what happened…
Whales are filling their wallets with this altcoin project
Since the end of July, wallets with 1 million to 10 million KNC have grown their KNC stocks by 20%. But Kyber Network has encountered an unexpected backlog before. After the latest whale accumulation, the KNC experienced almost 70% growth in just six months.
Whales often stock up during times of market downturns or low volatility. KNC, on the other hand, has hardly moved in the last 12 days. This makes it attractive for large investors to save. On-chain analytics firm Santiment says this has resulted in rallies before:
KyberNetwork whales have been accumulating for the past three months, with wallets holding between 1 million and 10 million KNC, adding 20% of the supply to their stocks since July 31. Last time this type of accumulation was seen, KNC increased by +67% in 6 months
KNC was in a stable uptrend for about two months before entering a low volatility range. However, it is currently gaining downward momentum due to unfavorable market conditions. This decline was very sharp and unexpected. That’s because the declining volume profile during the uptrend showed little or no support from whales or large investors.
The current accumulation is encouraging for investors. This is because it serves as the basis for a recovery rally that will eventually begin. However, a significant portion of the supply held by the whales has a positive short-term effect, which will turn into selling pressure as the rally gains momentum.
KyberSwap hits the spotlight with $265,000 hack in September
KyberSwap, the DEX platform built on the Kyber Network liquidity protocol, was the victim of a $265,000 hack last month. The KyberSwap team then offered the hacker 15% of the funds.
Hackers exploited vulnerabilities to attack multiple DeFi protocols, including the theft of $100 million from Horizon Bridge in June and the dumping of $200 million in crypto from the Nomad token bridge in August.
Altcoin investors complain about the stagnation of KNC price
KNC price has been quiet for a long time despite seeing heavy whale accumulation. It has provided almost no profit to its investors since 2019. As we can see right now, KNC price is trading around the October 2020 levels.
cryptocoin.comAs you follow, KNC price is currently hovering around $0.8. It was slightly higher than in the last 24 hours.
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