22 November 2023
The transactions of ‘whales’ – large-scale investors – often set the tone for market trends. So far, recent on-chain data from Lookonchain, a renowned on-chain analytics platform, has unveiled a notable accumulation pattern in four specific altcoins.
Maker (MKR), ssv.network (SSV), Coin98 (C98), and RSS3 have emerged as the latest targets of these accumulative efforts. The data shows a series of substantial withdrawals of altcoins from Binance, a leading crypto exchange, hinting at a growing interest in these altcoins among heavyweight investors.
Notably, this trend of whale accumulation is not just a fleeting occurrence but a concerted effort that has been unfolding over recent months.
Diving Deep Into Whale Transactions: A Closer Look at the Accumulated Altcoins
The analysis by Lookonchain reveals intriguing details about the accumulated assets. A new wallet, identified as “0xB4aE”, mainly made waves by withdrawing 10 million RSS3 tokens, valued at approximately $1.44 million, from the OKX exchange.
This transaction underscores the growing interest in RSS3, a lesser-known crypto asset. In parallel, another prominent wallet, dubbed “0xb6a7”, substantially withdrew 114,227 SSV tokens from Binance, amounting to a value of about $1.93 million.
1/ We noticed that whale/fresh wallets are accumulating $MKR, $SSV, $C98 and $RSS3. pic.twitter.com/AOIlNTVyux
— Lookonchain (@lookonchain) November 22, 2023
This same investor also transferred 2.77 million C98 tokens from Binance, signaling a bullish stance on these specific altcoins. It is worth noting that these transactions exemplify the strategic moves by whales, often aimed at leveraging market dynamics to their advantage.
The Maker (MKR) Movement: Whale “0x9e74 Leads the Charge
One of the most significant players in this scenario is the whale wallet “0x9e74”. Since July 2023, this investor has consistently withdrawn Maker (MKR) tokens from Binance, totaling roughly 4,776 MKR.
The most recent transaction involved moving $1.7 million worth of MKR from the exchange, bringing the total worth of MKR withdrawn by this investor to about $6.9 million. This consistent and targeted accumulation of MKR suggests a strong confidence in the future of this particular altcoin.
The Maker token, part of the MakerDAO ecosystem, has been a subject of interest, mainly due to its role in decentralized finance (DeFi) as a lender.
These large-scale movements by whales underscore a broader trend within the crypto world, where informed players are increasingly steering towards altcoins with strong fundamentals and potential for substantial growth.
Amid the accumulation of the altcoins above by whales, RSS3 and Maker are still the top gainers, with both altcoins seeing a surge in price by 34.8% and 10.7%, respectively, over the past two weeks.
The remaining two altcoins, however, have seen slight gains and decline, with SSV seeing a mere 4.8% increase and C98 seeing an 8.6% plunge over the same period.
Featured image from iStock Chart from TradingView