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  • Not Just Bitcoin (BTC) – Crypto Whales Are Pushing Three Altcoins Higher, Says Santiment

Not Just Bitcoin (BTC) – Crypto Whales Are Pushing Three Altcoins Higher, Says Santiment

June 26, 2020

Whales are aggressively accumulating Aave (LEND), Ren (REN) and 0x (ZRX), according to crypto analytics firm Santiment.

Santiment utilizes a metric that examines the amount of tokens held by top non-exchange owners, otherwise known as whales.

Says the firm,

“A few weeks ago, we published an article on the three ERC-20 coins showing the largest accumulation trend by their top non-exchange holders, aka whales. Their price action since? LEND +130%, REN +120%, ZRX +10%. For better or worse, crypto is still a whale’s playground.”

Aave is an open source and non-custodial protocol designed to enable money markets. Ren provides inter-blockchain liquidity for decentralized applications. ZRX is an open protocol designed to streamline peer-to-peer transactions on the Ethereum blockchain.

Based on three of their popular metrics, Santiment has a slightly bullish/neutral short-term outlook on Bitcoin and a purely neutral outlook on Ethereum in the near term. While the top two assets by market cap have had somewhat of a dormant month, Santiment indicates that some altcoins have started to display separation and decoupling from the biggest cryptocurrencies.

Says the firm,

“It’s pretty obvious that both Bitcoin and Ethereum have fallen into a bit of a lull during the month of June, and with this, the rest of the altcoins (particularly defi projects) are indicating which ones have individual values without the aid of the top two market cap projects pulling them along.” 

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