The cryptocurrency market has been hit hard by news and technical analysis. All altcoins, including Bitcoin, Ethereum, BNB, and Cardano, are in double-digit declines over the past 24 hours. Meanwhile, the biggest Ethereum whales are collecting cryptocurrencies like MATIC, LPT, and AUDIO.
Whales collect Web3 tokens like LPT and AUDIO as Bitcoin drops
After the minutes of the FED meeting held on 26-27 July were announced, the market fell hard on 19 August. Data provided by WhaleStats shows that the top 100 Ethereum whales are accumulating massive amounts of ETH, USDC and USDT during this time. Stablecoins act as whales safe haven during sharp drops. But what’s really interesting is that whales are showing interest in tokens like MATIC, LPT, and AUDIO.
According to data provided by WhaleStats, the most whales bought the following altcoins in the last 24 hours.
- Ethereum (ETH)
- USD Coin (UDSC9
- Tether (USDT)
- TrueUSD (TUSD)
- Aave interest bearing WETH (aWETH)
- Uniswap (UNI)
- Polygon (MATIC)
- Livepeer (LPT)
- Audio (AUDIO)
- FTX Token (FTT)
Top-bought small-volume altcoins
In the second part, take a look at altcoins with market caps of $5.15 million. Whales prefer altcoins in this category for their OTC or fait transactions. According to the data, wBTC, operating on the Ethereum network, was the most traded alpha token in the last 24 hours.
Cardano faces pressure from whales
The WhaleStats data also says that whales are showing keen interest in Cardano. Cardano is back in the top 10 tokens purchased among the top 500 BSC whales in the last 24 hours. This came as Cardano fell below the $0.5 mark following the current market sell-off.
https://twitter.com/WhaleStatsBSC/status/156038432035942401
Whales or large assets have often been known to use big down periods to buy cheap. On-chain data points to Cardano’s latest whale buildup. Addresses holding 10,000 to 10 million ADA collected 0.46% of the total ADA supply, or $138 million, from July 27 to August 5, according to Santiment data. Santiment’s analysts evaluated whale appetites in a related tweet:
Cardano shark and whale addresses have amassed a total of $138 million on the ADA in eight days after the drop around the local price peak in mid-June. This is just a slight buildup for now, but it could be interesting if this trend continues.
Despite the drop, Cardano shows a positive outlook in on-chain metrics
Cryptocurrencies saw a sharp sell-off on Friday as global markets pulled back after Fed officials expressed their determination to continue raising interest rates until inflation is under control. The recent reversal in sentiment has hit altcoins, which tend to be more volatile. During the week, Santiment had a positive review of Cardano. However, he noted that higher-than-normal profits were made:
Cardano sentiment is very positive at the moment and prices have increased +22% in the last 3 weeks. The rate of on-chain transactions is currently quite positive. Taking profit and selling at loss is at the highest level of taking profit since the last week of March.
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