The crypto market started June on a rather negative note as US SEC lawsuits dealt with Binance, Coinbase and a list of leading altcoins. Crypto whales have responded by reallocating capital towards a handful of unlabeled altcoins.
SEC’s ‘securities’ move stirs crypto market
cryptocoin.com As you follow, leading altcoins like Polygon (MATIC) and Cardano (ADA) fell to new lows after the SEC designated them as ‘securities’. In response, major institutional investors have turned their attention to Bitcoin Cash (BCH), PEPE (PEPE), and Render Token (RNDR).
Last week, Blackrock’s Bitcoin ETF filing improved the general mood among crypto whale investors. Will the ongoing whale hoarding spree set the pace for the altcoin market to regain lost ground and curb BTC dominance ahead of July 2023?
BCH makes profits, crypto whales grow on PoS
As of June 21, Bitcoin Cash (BCH) ranks 2nd on the weekly global crypto rankings list of top earners. BCH has gained 25% in the last seven days. This rise comes after the SEC removed its most important Proof of Stake (PoS) network from its list of notorious cryptocurrencies identified as securities. Bitcoin Cash’s decentralized qualities have caught the attention of crypto whales. The Santiment chart below shows how whales holding 1 million to 10 million BCH coins have increased their holdings for 3 consecutive days.
Bitcoin Cash (BCH) | Whale wallet balances, June 2023 / Source: SantimentBetween June 18 and June 21, whales purchased 20,000 coins worth about $2.64 million. Such a large inflow of funds took place in just three trading days. It’s no surprise, therefore, that BCH is rapidly climbing the ranks of top earners.
Are PEPE meme-coin whales making a comeback?
The meme coin has seen a dazzling 30 percent price increase. Thus, PEPE was one of the surprise entries in this week’s top-earning rankings. After the lackluster performance in May 2023, whale investors in the PEPE ecosystem are making a comeback. In the past week, whales have increased their trading activity significantly. The chart below shows the PEPE Whale Transaction Count. This reveals how 18 has risen to the 22 major trades recorded at the close of June 20 on 9 June.
PEPE crypto whales transactions, June 2023 / Source: SantimentThe chart above shows a 144% increase in trading activity of crypto whales investing in PEPE.
RNDR whales keep flying the crypto AI flag
Artificial Intelligence has been rapidly making the headlines of the crypto media in recent months. NVIDIA, the leading manufacturer of artificial intelligence chips, announced record demand for the company’s products. Following that, the company’s shares rose 12% last week. As expected. Crypto artificial intelligence projects like Render (RNDR) have also felt the ripple effect of this price increase. As an indicator, crypto whales. Santiment data reveals that crypto whales with 1 million to 10 million RNDR balances have collectively increased their holdings by another 3.9 million tokens.
Render (RNDR) crypto whales wallet balances, June 2023 / Source: SantimentMeanwhile, the current market price of the altcoin stands at $2.30. This means that the newly added 3.9 million RNDR is worth 8.9 million. As seen above, whale accumulation has already triggered a 20% price increase. If whales continue to buy, RNDR holders can expect more earnings in the future.
In summary, crypto whales are quite influential in the Blockchain ecosystem. Increased investment by large corporate holders demonstrates increased confidence in the long-term viability of projects. It is possible that this positive perception will attract more participants. It can also increase adoption and the overall credibility of the broader cryptocurrency market.
