Cryptocurrency

Crypto Whales Accumulate These Altcoins Amid Price Dip

Crypto Whales Accumulate These Altcoins Amid Price Dip #Crypto #Whales #Accumulate #Altcoins #Price #Dip Welcome to JibGlobe, here is the new resources we have for you today:

While crypto markets saw a sizeable drop in value over the past two months, several major whales used this price dip to begin accumulating tokens.

Total crypto market capitalization sank by over $500 billion to well below $900 trillion- its lowest level since early-2021. Majors such as Bitcoin and Ethereum are trading down over 50% for the year.

Losses in the two have also spilled over into several major altcoins, with Bitcoin dominance rising to 43% of the market as a result.

But this price drop has also attracted buying by major whales. Data from blockchain analytics firm Santiment shows that accumulation of three tokens has outpaced others.

AAVE, SAND and LRC see increased whale accumulation

AAVE, the native token of the eponymous DeFi protocol, saw whale accumulation spike 47% of total supply from 42% earlier this month. The Etherum-based DeFi protocol is the second-largest by total value locked, and appears primed for a recovery after sharp losses earlier in the month.

Easing fears over a DeFi meltdown may also be boosting whale interest in AAVE.

SAND, the native token of The Sandbox metaverse, saw a steady stream of accumulation as the project announced a slew of prolific partnerships. The Sandbox’s exposure to prolific media brands gives the metaverse some staying power as compared to its peers, likely driven whale interest.

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