A leading analytics firm says that deep-pocketed crypto investors are rapidly loading up on two tokens issued on the Ethereum (ETH) blockchain.
Santiment says that crypto whales are gobbling up Kyber Network (KNC), a blockchain-based exchange that aims to aggregate liquidity and facilitate instant swaps between ERC-20 tokens, all without the involvement of any middlemen.
[adinserter block="1"]According to the intelligence firm, whales continued to accumulate KNC despite its sustained downtrend that saw the token lose over 40% of its value in less than three months.
“Kyber Network whales have accumulated rapidly over the past three months, with key wallets holding one million to 10 million KNC adding 20% of the supply to their holdings since July 31st. The last time this kind of accumulation was seen, KNC grew +67% in six months.”
At time of writing, KNC is swapping hands for $0.876, up over 4% in the last 24 hours.
Santiment also says that deep-pocketed investors are getting their hands on decentralized oracle network Chainlink (LINK). According to the analytics firm, the number of whales holding LINK is currently at a five-year high.
“Chainlink is seeing its number of whale addresses continue rising as prices touched above $7.00 Sunday. The amount of addresses holding $700,000 or more sits at 458 addresses. This is the most since 2017, its opening year of public trading.”
At time of writing, LINK is valued at $7.07, a 2.35% increase on the day.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/NineTamagot/VECTORY_NT
