The crypto analytics firm Santiment says one altcoin’s ascent appears to be fueled by crypto whales.
In a new report, Santiment says that while Ren Protocol (REN) was slowly ascending in January of 2021, certain metrics behind-the-scenes indicated that the altcoin would soar to new heights down the road.
The interoperability blockchain liquidity asset has since made new highs this week, soaring past $1.
According to Santiment’s findings, this February rise is in part due to Ren accumulation by whale addresses holding 1 million or more Ren.
Data shows that there was a steep increase in Ren whale holders starting from the end of January into mid-February.
Additionally, Santiment reports that the number of unique Ren addresses holding any amount of the token has also been steadily climbing upward, especially over the past month.
Also over the course of the past four weeks, the growth of daily active Ren addresses has been rapid, indicating that the coin was primed for a breakout.
The analytics firm first reported on the uptrend in Ren whale addresses earlier this month when the asset was still sitting at around $0.80.
In that same early February report, Santiment found that whales were accumulating oracle Band Protocol (BAND) and DeFi token Aave at significant rates as well.
This week Ren reached a new all-time high of $1.23 and is trading at $1.28 as of writing with an overall market cap of $1.18 billion. Earlier this month Band reached an all-time high of $20.34 as did Aave coming in at a high of $547.28.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxFollow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Malyutin Nikita
