This week we saw a revival of trading activity in the crypto market. This is reflected in the surge in global Crypto market capitalization, which has increased by $101 billion over the past seven days.
Once traders regain their confidence, the whales have emerged as part of the top picks, with Uniswap (Uni), Pancakeswap (Cake) and Ondo (Ondo) accumulating key altcoins.
uniswap (uni)
Decentralized Finance (DEFI) token UNI has been attracting considerable attention from whales this week. This is highlighted by a massive surge in Netflow for large owners during the review period. With each data on IntotheBlock, this has skyrocketed over 3900% over the past seven days.
Uni Large Holders Netflow. Source: IntotheBlock.
Large holders refer to the address of whales that hold more than 0.1% of the distribution supply of assets. Their Netflow tracks the difference in the amount of coins/tokens you sell, buy and buy.
As this rises, it shows accumulation trends by these major investors. This reflects the bullish confidence that Uniwhales have in their short ones – long-term price performance. It has encouraged retailers to follow the lawsuit, reduced token supply and even increased prices.
Pancakeswap (cake)
The BNB-based cake is another Altcoin that attracted the attention of Crypto whales this week. This comes amid a surge in memecoin activity in the BNB chain, making Pancakeswap a favourable Dex for many traders this week. As a result, demand for cakes has skyrocketed.
According to Santiment, previously inert cake whales, which previously held between 100 million and 1 billion tokens, have now become active again. Over the past 24 hours, these large investors have accumulated 101 million cakes worth more than $250 million at current market prices.
Distribution of cake supply. Source: Santiment
If whales accumulate continues, it may result in cakes recording profits to beat the wider market downward trends.
ondo (ondo)
This week, the Real World Asset-Based (RWA) Token Ondo is also on the Crypto Whale list. According to santtiment, whales, who own 10,000 to 100,000 Ondos, have purchased 1.08 million tokens in the past seven days.
ONDO supply distribution. Source: Santiment
Investors in the group have 6044 million coins held at the time of pressing. This could raise the AltCoin price to $0.95 in the short term if it encourages the accumulation stage of ONDO across the market. At press time, Ondo trades for $0.83.
