The crypto market started quite negatively in June, with US SEC lawsuits against Binance, Coinbase and a list of prominent altcoins. Crypto whales have responded by reallocating capital to a handful of unencumbered altcoins.
Prominent altcoins like Polygon (MATIC) and Cardano (ADA) have fallen to new lows after the SEC identified them as “securities.” In response, major institutional investors have turned their attention to Bitcoin Cash (BCH), PEPE (PEPE), and Render Token (RNDR).
Over the past week, Blackrock’s recent Bitcoin ETF application has improved overall sentiment among crypto whale investors. Will continued whale accumulation set the pace for the altcoin market to regain lost ground and reduce BTC dominance before July 2023?
Bitcoin Cash makes Crypto Whales go big based on proof of stake
As of June 21, Bitcoin Cash (BCH) is ranked 2nd on the list of top winners in the weekly global crypto ranking. BCH posted a 25% gain in the past seven days. This bullish leg-up came after the SEC excluded the most notable Proof of Stake network from its infamous list of cryptocurrencies identified as securities.
Bitcoin Cash’s decentralized qualities have caught the attention of crypto whales. Obviously, the Santiment chart below shows how whales increased their holdings over 3 consecutive days with 1 million to 10 million BCH coins.
Between June 18 and June 21, the whales purchased 20,000 coins worth about $2.64 million.
With such a large influx of funds within just three trading days, it is no surprise that BCH has quickly climbed the top winner rankings.
Are the PEPE Memecoin Whales making a comeback?
With an eye-popping 30% price increase, PEPE is one of the surprise entries in the top gainer rankings this week.
After a lackluster performance in May 2023, whale investors in the PEPE ecosystem are making a comeback.
In the past week, the whales have significantly increased their trading activity. The chart below illustrates how the number of PEPE Whale trades increased from 9 on June 18 to 22 large trades recorded at the end of June 20.
The chart above shows a 144% increase in trading activity of crypto whales investing in PEPE.
All within just three trading days. If the whales can sustain this level of trading activity, PEPE could build on the 30% gain to finish strong at the end of June 2023.
Render Token Whales hold up the Crypto AI flag
Artificial intelligence has been fast becoming a mainstay in crypto media headlines in recent months. Stocks of leading AI chip maker NVIDIA rose 12% last week after the company announced record demand for its products.
As expected. Crypto AI projects like Render (RNDR) also felt the ripple effect of the NVIDIA stock price surge. Indicative, crypto whales.
Sanitation Data shows that crypto whales with 1 million to 10 million RNDR balances have collectively increased their holdings by an additional 3.9 million tokens.
At the current market price of $2.30, the newly added 3.9 million RNDR is worth 8.9 million. As seen above, whale accumulation has already led to a 20% price increase. And if the whales keep buying, RNDR holders can expect more profit.
In summary, crypto whales are highly influential in the blockchain ecosystem. The increased investment of large institutional holders indicates their growing confidence in the long-term viability of the projects.
This positive perception can attract more participants, boost adoption and increase the overall credibility of the wider cryptocurrency market.
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions.