On-chain data shows that cryptocurrency whales have been hiding some altcoins and stablecoins lately. Here are the details…
Santiment: These stablecoins are being bought
On May 24, on-chain analytics provider Santiment reported that big bag holders are not buying much Bitcoin at the moment. Instead, they load into stablecoins, preferring USDC and DAI. According to the data, 37 percent of wallets between $100,000 and $10 million hold USDC. Also, 39 percent of wallets of the same size hold MakerDAO’s DAI stablecoin. Only 6.4 percent of Whale wallets held Binance USD (BUSD). There was no data on Tether assets.
The whale move towards stablecoins can be seen as waiting to buy the dip. However, it can also be used to fund short selling in Bitcoin. Similarly, stock market entries also fell to cycle lows. This could mean increased hodling. Meanwhile, the market values of Tether USDT and Circle USDC are also diverging. Tether’s market cap is rising, while Circle’s is shrinking.
Other altcoin projects are also in the focus of cryptocurrency whales
On the other hand, some lesser-known altcoins have also entered the whales’ radar. During the month of May, whales and sharks accumulated several altcoins such as Porspoer (PRO), Benqi (QI), and Maker (MKR). According to on-chain data provider Santiment, wallets of $100,000 to $1 million have accumulated these assets. Another altcoin that whales have been buying lately is the Render Token (RNDR). In just the past two weeks, RNDR has gained 63 percent. It has also become the 45th largest cryptocurrency by market cap.
cryptocoin.com As we reported, on Tuesday, May 23, the RNDR price rose as high as $2.78 and then entered a sort of profit reservation. Santiment said investors should be cautious, considering that whale transactions rose to the third-highest level last month.
PEPE and RFD acquisitions drew attention
Finally, on May 24, a “smart money” address has taken off, according to data from Lookonchain. This address bought about 230 billion PEPE 15 hours ago. For this, he sold 200 ETH. Today, it bought about 3.98 billion RFDs 2 hours ago. In return, he exchanged 165 ETH. Lookonchain revealed that the address made 102 ETH profits through RDF trading in 2 days. As you can see, crypto whales are some of the most influential addresses in the crypto space. In fact, they are so important that investors follow their activities to predict price movements.
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