Crypto analyst firm Santiment says whales are turning their attention to three altcoins while crypto prices are generally rising.
In a report first spotted by Daily Hodl, the intelligence platform said it is pursuing a new Whale Holder Distribution Sansheets model to show what altcoins large-cap investors have amassed.
According to Santiment, the number of wallet addresses with at least one million Ren Protocol (REN) tokens rose from 81 to 93 in the past week, with the price increasing more than 21% over a similar period.
The BAND of the tape protocol also saw a massive surge in activity among whale investors. In the past four months, the number of wallets with more than 10,000 tokens rose from 49 to 82.
The price rose rapidly during this stretch. As long as that number continues to grow, it’s a good sign of a token that is often set as an asset that simply follows Chainlink.
The DeFi (decentralized finance) asset has also been identified as a major focus for whales. Santiment found that at least 1,000 tokens grow from 266 to 339. The intelligence agency noted that Aave has had an “amazing presence” overall over the past six months, and whales are using the prize to amass more coins.
In addition to altcoins showing whale accumulation, the report found a number of crypto assets that had fallen out of favor with investors. Santiment claimed Binance Coins, Longing Funding and Celsius have all seen a drop in accumulation addresses, which she described as a “worrying sign” of the price outlook.
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