According to the whale-watching platform WhaleStats, a large number of altcoins have faced an effective purchasing power from whale addresses that have added more than $10 million in various cryptocurrencies to their addresses. List of tokens captured by whales in their buying spree Decentralized (MANA), The Sandbox (SAND), Polygon (MATIC), Shiba Inu (SHIB), Chainlink (LINK) and various other altcoin positions.
According to experts, the emergence of such intense purchasing power in the market indicates that the whales entered the accumulation phase and bought assets at a discount, most likely because they believed that a recovery would occur.
According to the Bitcoin and total market cap chart, although the market faced an inflow of funds on March 8, Bitcoin and other cryptocurrencies still have not recovered from the previous losses they suffered last week.
Thanks to the buying spree of whales, the value of Shiba Inu token in the hands of whale addresses in the market rose to $ 1.6 billion, briefly returning to its top spot as the largest holding of giant wallets by USD value. However, at the time of writing, the popular meme coin has lost its place back to the FTX token. Currently, investments in SHIB whales are worth $1.3 billion, while FTT investments are worth $1.4 billion.
According to Shiba Inu’s TradingView chart, the tokens show no major rally, rally or any positive volatility movement, suggesting that the rises and falls in the holding’s value are due solely to whale purchases.
Other altcoins on the list, such as SAND, are not performing exceptionally well in the market, with only slight gains of 1 percent over the past 24 hours. Although tokens such as SAND, SHIB and MATIC all show signs of recovery, they still have not regained even half of their previous values.
Chainlink also supports the above narrative and shows no signs of a major recovery and is trading sideways similar to other cryptocurrencies, although it remains one of the most actively bought altcoins among whales according to the data provided.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.