Data from crypto insights platform Santiment reveals that big money players are accumulating XRP and Chainlink (LINK) as two other altcoins show signs of strength.
In a new Twitter post, Santiment informs its 29,000 followers that whales have been buying up XRP since a month after the Covid-19 induced sell-off, causing the number of wallets with a balance of at least 100,000 XRP to increase significantly.
[adinserter block="1"]“Ripple’s whale count has spiked the past 6 months, with many in high-tier brackets of $XRP held. Since April, holders with:
100K – 1M: 14,525 to 17,387 whales (+19.7%)
1M – 10M: 1,307 to 1,336 whales (+2.2%)
10M+: 280 to 309 whales (+10.4%).”
Chainlink is also showing signs of improving fundamentals. According to Santiment, the top 100 non-exchange whale addresses have bought 34.2 million more LINK tokens in the last 12 months.
“If this isn’t the depiction of steady accumulation for Chainlink’s top 100 non-exchange whales in the past year, we don’t know what is. LINK’s offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake.”
The crypto insights platform is also looking at Ren (REN), which is a protocol that enables the transfer of crypto assets between blockchains. Santiment says on-chain metrics indicate that Ren may have carved a local bottom.
[adinserter block="1"]“REN is running, and its turnaround from its $0.232 bottom was foreshadowed perfectly by a 5.2M on-chain transaction volume spike about 11 hours ago. The ETH-based crypto asset still has plenty of ground to make up for its -19.3% drop this past week.”
Santiment is also keeping a close eye on decentralized finance (DeFi) darling yearn.finance (YFI), which it says is beginning to show signals of bearish exhaustion.
“It appears that YFI is showing some signs of some bullish divergences, based on our research. An increase in whale activity is a good sign, and there appears to be an uptick in active addresses as well.”
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Featured Image: Shutterstock/Maria T Hoffman
