MATIC, REN, KNC, BNB Whales Definitely Bought Latest Dip, Here's Why
Leading on-chain data vendor Santiment shared some altcoin statistics on yesterday's crypto carnage. Some alts are showing the growing confidence of whales.
Fat cats still confident in altcoins
Santiment experts decided to calculate the number of "whale-scale" wallets in major altcoin networks and track their dynamics. During the past week, four cryptocurrencies witnessed particular interest from whales.
Namely, the MATIC tokens of Polygon (ex-Matic Network), REN of Ren Protocol (acquired by Alameda Research), Kyber Network Crystals of Kyber Protocol and Binance Coins (BNB) of leading crypto exchange Binance were aggressively bought.
Analysts intrepreted this trend as an obvious indicator of whales' confidence in the positive short- and mid-term prospects of these popular altcoins.
Vladislav SopovAs covered by U.Today previously, Chainlink (LINK) whales are also increasing their positions steadily despite short-term price fluctuations.
Recovery headed by Dogecoin (DOGE), Monero (XMR)
In total, buyers deposited more than $2.37 billion in USDT to exchanges in order to buy crypto at a discount. According to Glassnode, this is the second most significant inflow of Tether liquidity in crypto history.
Yesterday's flash-crash was particularly painful for the majority of the top altcoins. Dogecoin (DOGE) and XRP were the worst performers out of the top 20 market caps.
Meanwhile, Shiba Inu coin is recovering much faster than other large-cap coins. It added 13.3 percent in the last 24 hours while Monero (XMR) is up 9.4 percent.
Related articles
Alex Dovbnya
Dan Burgin