Whales are actively accumulating altcoins; here’s why
Many altcoins have faced strong buying power from whale addresses that have added over $10 million worth of various coins to their addresses, according to tracker WhaleStats. The list of purchased tokens included positions such as MANA, SAND, MATIC, SHIB, LINK and many more.
The appearance of such strong buying power on the market suggests that whales are most likely entering the accumulation stage and purchasing assets at a discount, since they believe in a recovery.
According to the Bitcoin chart and total market cap, the market is actually facing an influx of funds on March 8, but it’s not discounting the previous losses that Bitcoin and other cryptocurrencies suffered in the past week.
Thanks to the buying spree from whales, Shiba Inu token returns to first place as the biggest USD-valued holding on whale addresses on the market. At press time, the total value of SHIB holdings remains at $1.6 billion while the previous leader, FTT, has $1.4 billion.
According to the TradingView chart of Shiba Inu, the tokens are not rallying or showing any type of positive volatility movement, indicating that the increase in the value of the holding is caused solely by the purchases of the whales.
Other altcoins from the list, like SAND, are also not showing any unusual performance on the market with only 2% growth in the last 24 hours. SAND, SHIB and MATIC are all showing signs of a recovery but are not gaining even half of the value lost previously.
Chainlink remains one of the most actively bought altcoins among whales, according to the data provided, but also shows no signs of a major recovery and is trading in the same downtrend as other cryptocurrencies.
