Ren had been one of the quieter altcoins for much of 2021, as far as major top 100 crypto projects are concerned. Even with prices rising rapidly, it was managing to fall down the market cap ranks as January was coming to a close. But a few metrics foreshadowed that it could push its way above $1.00 for the first time:
1M+ Token Holder Whales
Even though Ren's price was moving up as 2021 kicked off, it was mostly just following the path of other ERC-20 tokens. But right as January ended, the amount of 1m+ addresses spiked, indicating something was brewing.
Daily Active Addresses
The amount of unique addresses interacting on the REN network has climbed steadily. This was particularly true when things really spiked in mid/late January, and throughout the past couple weeks.
The amount of daily new REN addresses has been quite staggering. Particularly over the past 4 weeks.
Last week, we touched on some altcoins that we're currently whale watching, based on our data indicating that there are a growing number of holders of the respective assets that are qualifying as elite holders. This week, we're providing three examples of assets that have already seen massive growth thanks to these accumulations. We'll also look at three assets where their prices haven't reacted (yet) to the growth in their recent whale numbers.
And spoiler alert: many of the same tokens we covered last week are continuing to grow in whales the fastest!
Prices Already Pumping After Major Buyers
Matic Network (MATIC)
Ren Protocol (REN)
Band Protocol (BAND)
Prices Have Yet to React Despite Major Whale Accumulation
Yearn Finance (YFI)
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.