- Crypto analytics firm Santiment identified three altcoins that saw a growing whale population. Those with a large share of market capital significantly influence a cryptocurrency and ultimately determine the next move of a market price, Santiment notes.
Whales show great interest in REN, BAND and AAVE
Using the new “Whale Detection Deployment Sansheets Model,” Santiment points to REN as an increasingly popular target for crypto whales. Altcoin was ranked 60th in terms of market cap at the time of writing and traded at $ 0.83 (+ 25% in the past 7 days).
“The Rhine Protocol addresses 81 to 93 only hold at least 1 million tokens in the last two days. As you can imagine, this is very important and the effect is already taking effect, with a price increase of + 21% in the last 24 hours, as Santiment has revealed.
Probably Chainlink’s best-known competitor in the decentralized oracle space, the BAND protocol also has an increasing whale density. (According to the number of addresses more than 10,000 BAND). As Santiment analyzed, the whale addresses of the BAND protocol increased from 49 to 82 in just under four months.
In the same period, the BAND price also increased. “As long as we continue to see that number increase, this is a great sign for a token that is often identified as an entity that follows the Chainlink,” Santiment said. BAND was trading at $ 12.90 (+ 7% in the last 7 days) and ranks 103rd by market capitalization.
A much better known cryptocurrency AAVE (14th place by market cap) that has been on the agenda many times in recent weeks. The DeFi token sees whales’ intense interest continues. Its rise to $ 494.50 (at the time of writing) since January 01, when the Ethereum-based DeFi token was priced from $ 83.50, was meteoric. As Santiment’s data show, whales may have played an important role:
Aave made big waves last week and DeFi has been an incredible presence as a whole for the past 6 months. However, looking specifically at AAVE, it is quite clear that there are heavier hitters entering the field. Last month, those holding at least 1,000 tokens increased from 266 to 339.
Whales losing interest in BNB, YFI and CEL
Among the losers in terms of whale addresses, Santiment currently includes Binance Coin (BNB), Yearn Finance (YFI) and Celsius (CEL). Binance Coin’s more than 10,000 token holders have dropped from 154 to 147 in the last 3 days alone.
Yearn Finance, darling of the DeFi community at the end of 2020, is struggling to keep up with the growth of other top DeFi cryptocurrencies such as Aave, Sushi, Uniswap and Compound, according to Santiment. The number of at least 100 YFI token addresses has dropped from 43 to 39 (about -10% decrease) in the last 3 days.
Meanwhile, Santiment is seeing a “big drop” in Celsius whales (address with more than 100,000 tokens):
A year ago there were 156 addresses with at least 100,000 CELs, a week ago 86 and now only 79. It goes without saying that this is a very relevant sign.
CEL, the local token of the Celcius platform, has benefited greatly from the success of the lending platform in recent weeks. Last month, Celcius reported that it had exceeded $ 5.3 billion in total assets under management in less than three years after launching its mobile app. Celcius previously reported that it has acquired more than 125,000 new customers in a very short period of time and has a total of more than 340,000 active users worldwide.