Dumping This Altcoin On Binance: This Coin Is Stacking!

The new on-chain data highlights whale transfers around the two altcoins listed on Binance. Whale trades were driven by central stock market inflows at a time when prices were declining.

Altcoin whales send $5.6M worth of MATIC to Binance

As on-chain data analytics platform Lookonchain reported, 13.67 million MATICs, worth a total of $15.3 million, were sent to Binance yesterday. One of the two whales behind the transactions made a MATIC transfer worth $5.6 million and the second $9.7 million.

MATIC price was bearish amid morning trading. Investors are worried that the $15 million token sent to a centralized exchange could be sold. Still, MATIC price appears to be moving positively later in the day, contrary to expectations.

MATIC, which is in the 8th place according to its market value, is preparing to close 7 March in green, which started with a decline. Bitcoin, Ethereum, and nearly the entire altcoin market were down around 2%, while MATIC was the only green altcoin at 1.5%. MATIC fluctuated between the $1.13 and $1.17 levels today. On the other hand, Shiba (SHIB), which is the subject of bulk whale purchases, shows a double-digit decline…

Biggest Ethereum whales choose to buy Shiba Inu (SHIB)

Before moving on to whale trading, the market’s overall sentiment about SHIB seems to have changed as crypto traders continue to wait for a long Shibarium launch. Santiment’s chart revealed that SHIB’s weighted sentiment has shifted to the negative side over the past two days. This reflects that investors are hesitant to bet on SHIB.

For large investors, the situation was somewhat different. On-chain data shows that Shiba is still the most popular token among the top 100 Ethereum whales. According to the data, SHIB finds almost 6 times more investment than its closest competitor, altcoin. Also, whale-watching bot WhaleStats noted that Ethereum whales hold over $600 million in SHIB. Apart from SHIB, other tokens that whales prefer to buy are as follows:

• Lido Staked (stETH) $436 million
• Bitpanda Ecosystem Token (BEST) $155 million
• Polygon (MATIC) $150 million
• SwissBorg (CHSB) $131 million
• ChainLink (LINK) $130 million

Can altcoin whale funding sustain SHIB price?

SHIB’s performance on the price front was in favor of sellers as its daily and weekly charts were in red. According to CoinMarketCap, SHIB is down over 2% in the last 24 hours. The last 7 days depreciation exceeds 10%.

In terms of price, despite falling market conditions, SHIB’s health is doing well in terms of network performance. For example, on ShibaSwap, the total number of transactions per day has increased, reflecting the increased use of the network. In addition, data from Dune revealed that the number of SHIB holders increased on March 3.

Interestingly, a similar confidence was demonstrated by whales. WhaleStats, a popular Twitter handle posting updates on the whale event, revealed that the Shiba Inu tops the list of cryptocurrencies held by the 500 largest Ethereum whales. Since the Shiba Inu’s most important catalyst is individual investors, it needs more than whales for price increases.

As Kriptokoin.com, we have included the important developments of the week that may affect the SHIB price in this article.