The cryptocurrency market was shaken by large transfers made by whales on February 5. The multi-million dollar transfer made by Kenetic Capital, one of the largest institutional investors of the artificial intelligence-focused Render (RNDR) project, to Binance reduced the price of RNDR by 8%. On the other hand, large purchases on Chainlink (LINK) by 8 new altcoin whales pushed the LINK price up by more than 4%. These developments once again showed how influential whales can be on the cryptocurrency market. Here are the details…
The cryptocurrency market is busy with the movements of those altcoin whales
The cryptocurrency market attracted attention with large transfers made by whales on February 5. Kenetic Capital, one of the largest institutional investors of the artificial intelligence-focused Render (RNDR) project, transferred 1 million RNDR worth $4.68 million to Binance. This transaction reduced the price of RNDR by 8%, from $4.80 to $4.41. It is known that Kenetic Capital still has 4.1 million RNDR worth $18.12 million.
On the other hand, 8 new cryptocurrency whales attracted attention by purchasing large amounts of Chainlink (LINK) simultaneously. Whales purchased 227,350 LINK worth $4.12 million through Binance, averaging $18.1. These purchases then pushed the LINK price up more than 4% to $18.76. Spot On Chain predicts that these 8 new wallets may belong to institutional investors.
Summary of the decline in rendering:
- Kenetic Capital transferred 1 million RNDR worth $4.68 million to Binance.
- RNDR price fell 8% to $4.43.
- It is known that Kenetic Capital still has 4.1 million RNDRs worth $18.12 million.
Summary of the rise in Chainlink:
- 8 new whales purchased 227,350 LINK worth $4.12 million.
- LINK price rose more than 4% to $18.76.
- Spot On Chain predicts that these 8 new wallets may belong to institutional investors.
- Santiment hinted that LINK price could reach $20.
Impact of whales on the market
As a result, whales own large amounts of cryptocurrencies. They are also investors who can significantly influence the market with their investments. They can cause price fluctuations through buying and selling transactions, creating or reversing trends in the market. Whales appear to have a significant impact on the cryptocurrency market. The decline in Render and the rise in Chainlink are critical. Because it shows how effective whales’ buying and selling transactions can be on prices. Investors need to consider such whale movements before investing. It is also important to carefully evaluate the risks in the market.
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