Crypto analyst firm Santiment says whales are turning their attention towards three altcoins amidst the general surge in crypto prices.
In a report , first spotted by Daily Hodl, the intelligence platform said it was tracking a new Whale Holder Distribution Sansheets model to show which altcoins large-cap investors were accumulating.
According to Santiment, the number of wallet addresses holding at least one million ren protocol tokens (REN) jumped from 81 to 93 last week, with the price gaining more than 21% over a similar timespan.
Band protocol’s BAND also saw a massive jump in activity from whale investors, with the number of wallets holding 10,000+ tokens climbing from 49 to 82 over the past four months.
Santiment wrote,
The price has rapidly rose during this same stretch. As long as we keep seeing this number climb, it’s a great sign for a token that is often pegged as an asset that simply follows Chainlink.
Decentralized finance (DeFi) asset aave was also pegged as a major focal point for whales, with Santiment finding those holding at least 1,000 tokens growing from 266 to 339. The intelligence firm noted aave’s “amazing presence as a whole” over the past six months, with whales taking advantage of the price to accumulate 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 coin, yearn.finance and celsius had all witnessed a drop in accumulation addresses, calling it a “concerning sign” for price outlook.
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