Whale Watching on Valentine's Day!

The first month and a half of 2022 has been... chaotic to say the least. The Fed has played a major part in crypto's price fluctuations, which may not sound aligned with the premise of crypto, on the surface. However, cryptocurrency markets, in times of volatility, tend to peg closer to traditional stock markets.

And with this said, it's important to check in on what top key stakeholders are doing with their bags as Bitcoin, Ethereum, and altcoins rock back and forth halfway through February. Below, we have highlighted three projects that are seeing a notable increase in whale balances from key high-end addresses, as well as three projects with a notable decrease.

Note that we typically look at addresses valued somewhere between $10k and $10m in monetary holdings, dependent on the project's market cap and longevity. The very top-end addresses are intentionally ignored, as top tier addresses are typically saturated by a high number of exchange addresses that are not normally represented by individual active traders.

⬆️ Increasing Whale Address Balances

Sushiswap ($SUSHI) - 100k to 10m SUSHI Address Holdings

Sushi has come a long way down from its value above $10 at the end of 2021. Currently sitting at $4.09, the amount of whale holders has actually continued INCREASING. Addresses with 100k to 10m SUSHI now own very close to half of the coin's total supply.

Band Protocol ($BAND) - 10k to 1m BAND Address Holdings

Band enjoyed a nice uptick in price, and it encouragingly looks like whales holding 10k to 1m BAND are working to keep the rally going. These whale addresses now hold a 6-month high in the coin's supply.

Uniswap ($UNI) - 10k to 1m UNI Address Holdings

Uniswap was really taking off a year ago, but has spent the majority of the past 8 months treading water and staying under the radar. Despite this, high-end stakeholders continue to show accumulation signs. For the first time since genesis, addresses with 10k to 1m UNI own more than 10% of the coin's supply

⬇️ Decreasing Number of Whale Address

Aragon ($ANT) - 100k to 10m ANT Address Holdings

Aragon peaked to just above $14 on New Year's Eve, before quickly correcting. Whales holding 100k to 10m ANT began taking some fairly steady profit about a month ago, and the price hasn't recovered since. We will want to see some accumulation signs before jumping back into this project.

Chainlink ($LINK) - 100k to 10m LINK Address Holdings

Chainlink's 3-month drop in coins held by whales can mostly be chalked up to a major drop happening back in mid-November. These millionaire traders have dumped about 3% of LINK's supply since then.

OMG Network ($OMG) - 10k to 10m OMG Address Holdings

OMG Network's price was up at $12.10 three months ago, a far cry from its value of $4.62 at the time of this writing. Among the concerns about this coin's fundamentals right now is the fact that 11.5% of the OMG supply was dumped by these whales in these past three months.

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.

Thanks for reading!

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


Conversations (0)

No comments yet
Be the first to comment