Six Tokens We're Whale Watching

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brianq
Feb 4, 2021


Thanks to Santiment's ever-expanding bevvy of metrics and tokens to track, we've been steadily getting more and more into how whale behavior impacts the price performance of assets. And spoiler alert - those with a heavy supply of an asset's market cap can influence where a market price is heading next.


Using the new Whale Holder Distribution Sansheets Model, available for all Sanbase PRO members simply by entering their API into Google Sheets, we'll go over three assets that are showing whale accumulation, and three that are showing notable dumping. Let's take a look at the amount of whales (from a weekly percent change basis) that have entered or exited an asset what we deem as 'whale status' for around 40 different top assets we have holders distribution data on:



Before we jump in to the notable projects here, if you'd like access to this innovative Whale Holders Distribution model to give a quick indication of which tokens those with the most at stake are hoping to make spike vs. dump, you'll simply want to:


1) Head to https://docs.google.com/spreadsheets/d/130DSq8KPXIEGBn25HQeI5-dCSeoDTwR6rR8UXC5b0gw/view

2) Go to File -> Make a Copy

3) On your new copy, download Sansheets from the Google Add-on Store: https://academy.santiment.net/sansheets/setting-up/

4) Plug in your API: https://academy.santiment.net/sansheets/adding-an-api-key/-----

5) If you're having trouble getting the data to load on a model, head to the 'Data' tab on the far right of the spreadsheet, and go to the yellow cell in A2. Delete the cell formula, then simply hit Undo. This should manually refresh the data.



Our Findings


The Good


REN (1,000,000+ Token Addresses)

Ren Protocol 81 to 93 addresses holding at least 1m tokens in just the past two days. As you may guess, this is quite significant, and the impact is already beginning to show with a +21% price gain in the past 24 hours.


BAND (10,000+ Token Addresses)

Band Protocol's 10,000+ token addresses have grown in number from 49 to 82 in a little under four months, and the price has rapidly rose during this same stretch. As long as we keep seeing this number climb, it's a great sign for a token that is often pegged as an asset that simply follows Chainlink.


AAVE (1,000+ Token Addresses)

Aave has been making major waves over the past week, and DeFi has been an amazing presence as a whole over the past 6 months. But taking a particular look at AAVE, it's quite clear that there are more and more heavy hitters entering the space. In the past month, those holding at least 1,000 tokens has grown from 266 to 339.




The Bad


BNB (10,000+ Token Addresses)

Binance Coin's 10,000+ token holder club has fallen from 154 to 147 in just the past 3 days. This fall is a bit concerning for the native coin associated with the largest global crypto exchange.


YFI (100+ Token Addresses)

Yearn Finance was the darling of DeFi in mid to late 2020, but it has been having trouble keeping up with many of the other top surging assets in that space, such as Aave, Sushi, Uniswap, and Compound. It's not helping to see that the amount of addresses with at least 100 YFI tokens have dropped from 43 to 39 (about a -10% drop) in the past 3 days.


CEL (100,000+ Token Addresses)

You're seeing this massive drop in Celsius whales over the past year correctly. There were 156 addresses with at least 100,000 CEL a year ago, 86 a week ago, and just 79 addresses now. It goes without saying that this is a highly concerning sign.



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.


RENBANDAAVEBNBYFI
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brianq
Feb 4, 2021

Thanks for reading!

If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!

6

Assets from this insight

Ren logo

RenREN

$ 0.411144

21.80%in last 7d
Band Protocol logo

Band ProtocolBAND

$ 6.35

21.20%in last 7d
Aave logo

AaveAAVE

$ 273.42

24.53%in last 7d
Binance Coin logo

Binance CoinBNB

$ 338.62

14.35%in last 7d
yearn.finance logo

yearn.financeYFI

$ 35725.72

15.44%in last 7d

Conversations (6)

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<email hidden>

4 months ago

Thanks for sharing the information. What's the API key for this Whales Sansheet?

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brianq

Author
4 months ago

You receive your own personal API key when becoming a Sanbase PRO member for $49/month!

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<email hidden>

4 months ago

Thanks Brian. Can I add more tokens to the list or it's fixed at chosen ones. if yes, how can i add them.

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<email hidden>

4 months ago

How can I add more coins to this WHALERS list to track them?

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michael

4 months ago

Just to confirm is it the sheet titled "Holders Distribution" ? I copied and pasted the link and that's the one I get. However it looks slightly different to the screenshot I see in the article? The one I have references the 90 day change not weekly as mentioned in the article?

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<email hidden>

4 months ago

Same. Please clarify @brianq