As the overall markets grapple with geopolitical instability, crypto whales are scooping up one altcoin in massive amounts.
Cryptocurrency analytics firm Santiment is tracking the buying and selling behavior of the biggest crypto wallets following Russia’s incursion into neighboring Ukraine two nights ago.
Santiment reports whale activity has increased five-fold compared to normal.
“Cryptocurrency whales have had WILDLY different behavior since war broke out.
Isolated is the past day of key high-tier whale activity to look at the 1-day percent change within each assets’ 90-day range of whale holdings. This is about 5x more activity than a typical day.”
Among the Santiment list of “mild accumulation” was Dogecoin (DOGE) competitor Shiba Inu (SHIB), seeing overall holdings increase by 0.5% in the 24-hour period.
New data from whale-watching bot WhaleStats reveals that the richest of the top 1,000 Ethereum (ETH) wallets are loading up on SHIB in a big way.
The wealthiest of all ETH whales named Light bought 49,998,916,299 SHIB for $1,211,473.
An unnamed wallet that ranks #12 also nabbed 55,802,919,158 SHIB for $1,373,867.
WhaleStats goes on to reveal that SHIB has returned to the list of most purchased tokens over the past 24 hours, ranking 8th with an average buy-in of $3,428.
WhaleStats says that Shiba Inu is also 3rd in overall holdings, with the average whale’s bag containing over 54 million SHIB for a value exceeding $1.3 million.
At time of writing, Shiba Inu is the #14 crypto asset by market cap, up 8.39% and trading for $0.000025.
WhaleStats also shares that the #7 ETH whale wallet named Gimli acquired 1,999,900 of media-consumption tracker Basic Attention Token (BAT) for $1,384,570.
The Santiment chart above shows that BAT was one of the most sold tokens over the past day, seeing its holdings drop by 13.9%.
Despite the sell-off, Basic Attention Token has almost completely recovered after a dramatic price dump took it from $0.70 to $0.57, with BAT currently up 13.1% and priced at $0.68.
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