These Altcoins Had Major Whale Movements During the Recent Crypto Market Dip
Following the Coinbase exchange’s long-awaited debut on the US stock market on April 14, the crypt market experienced a major market correction.
The overnight pullback that started on April 17 and dragged on through that weekend wiped out $310 billion of the total market capitalization in less than 24 hours.
Since then, most top crypto assets have struggled to climb back up, with BTC going on to hit lows of $48K this past week after yet another weekend selloff. That decline in the crypto market came as Turkish bitcoin exchange Vebitcoin shut down unexpectedly, locking over $2 bn in customer funds over the weekend.
Despite the recent turmoil that caused most of the crypto market to look like a bloodbath, whales kept accumulating certain coins over that period. Here is a look at three crypto assets that registered a significant rise in “whale entities” during the latest market selloff.
The latest market slip saw ETH face a strong selling interest near several key supports, causing the price to break below $2k just days after hitting a new all-time high.
As per data from crypto analytics platform sentiment.net, the number of whale addresses on the ETH network rose sharply during the dip, suggesting that big-money investors took advantage of the price drop to accumulate Ether on the cheap.
Data from whale alert, a blockchain tracker and analytics system that reports large transactions in real-time, also flagged a few large ETH amounts transferred from top exchanges to unknown wallets. These transfers hinted at significant whale movement into the market during the marketwide selloff.
The ETHUSD pair has since rebounded and entered a bullish zone over the last few sessions. The second-largest crypto even cleared the $2,700 resistance earlier today and traded to a new lifetime high of $2,720 before correcting slightly lower.
Ren Protocol ($REN)
Ren is an open-source protocol enabling interoperability between blockchains in the DeFi space. The project’s native token, REN, has experienced a drop in value of over 15% in the last 30 days.
While such a decline can cause fearful sentiment among some traders, the sharp price fluctuations enable crypto traders with an elaborate exit strategy to make huge profits.
During the latest market selloff, the number of REN whale wallet addresses saw a sharp increase as wealthy investors sought to accumulate coins. REN is currently trading for $0.8424 following a 4.1% decline in the last 24 hours, per the latest data from CoinMarketCap.
Band Protocol ($BAND)
The Band protocol is a secure, scalable cross-chain decentralized oracle that aggregates and connects smart contracts to external data and APIs. BAND, the native token of the protocol, is currently up just over 8% at its current price of $17.8 per data from CoinMarketCap.
Whales moved into the BAND market in large numbers during the recent market crash, accumulating the token in anticipation of an imminent price surge. Santiment insights reveal that wallet addresses holding at least 10K BAND tokens increased sharply during the latest market correction.
Meanwhile, Celcius (CEL), Litecoin (LTC), and Storj (STORJ) logged some of the most significant decreases in the number of whale addresses during that market decline.