Smart money crypto whales are gobbling up three digital assets while selling three others, according to insights firm Santiment.
Santiment tells its 120,200 Twitter followers that whales have bought 41% more CRO over the last two months.
CRO is the cryptocurrency that powers the Crypto.com payment, trading and financial services platform. Santiment describes whales as entities that hold between 100,000 to 10 million CRO tokens.
In a new report, Santiment says that whales are scooping up UMA, a platform that allows developers to build synthetic assets or Ethereum-based tokens that can track the price of anything.
“Uma has plummeted -53% since its major local top six week ago, yet the key large stakeholders for the ETH-based project have continued to add more to their bags. When a price drop like this occurs, but large holders have actually ADDED +2.3% more coins to their bags, it’s a promising sign that it can pump when markets begin to turn positive.”
Another altcoin that whales are accumulating is decentralized crypto exchange Uniswap (UNI). According to Santiment, entities holding 10,000 and one million UNI coins continue to add to their stack despite UNI’s weak price action.
“Uniswap is one of the key DeFi (decentralized finance) projects that really saw a great surge in the early half of 2021, but fell off in the latter one. In spite of the correction, large addresses have only been adding more and more to their bags, with +4.1% more held in December alone.”
The three altcoins Santiment says whales are letting go of are lending and borrowing protocol Aave (AAVE), derivatives liquidity protocol Synthetix (SNX), and prediction markets platform Augur (REP).
According to Santiment, whales have shed 18.5% of their SNX tokens and 5% of their REP coins since September. As for Aave, the insights firm says that whales have shaved 4.32% of their holdings.
You can read the full report here.
Check Price ActionDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow 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/80’s Child
