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The crypto market started June on quite a negative note, with US SEC lawsuits tackling Binance, Coinbase, and a list of prominent altcoins. Crypto whales have responded by reallocating capital towards a handful of unencumbered altcoins.
Prominent altcoins like Polygon (MATIC) and Cardano (ADA) have dropped to new lows after the SEC identified them as ‘securities.’ In response, large institutional investors have turned their attention toward Bitcoin Cash (BCH), PEPE (PEPE), and Render Token (RNDR).
Over the last week, Blackrock’s recent Bitcoin ETF application has improved the general sentiment among crypto whale investors. Will the ongoing whale accumulation frenzy set the pace for the altcoin market to reclaim lost ground and cut BTC dominance ahead of July 2023?
Bitcoin Cash Makes Gains Crypto Whales Go Big on Proof of Stake
As of June 21, Bitcoin Cash (BCH) sits 2nd on the list of top gainers in the weekly global crypto rankings. BCH made 25% gains over the last 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 attracted the attention of crypto whales. Evidently, the Santiment chart below shows how whales holding 1 million to 10 million BCH coins have been increasing their holdings for 3 consecutive days.
Between June 18 and June 21, the whales bought 20,000 coins worth approximately $2.64 million.
With such a large inflow of funds within just three trading days, it is no surprise that BCH has rapidly climbed up the top gainer rankings.
Are the PEPE Memecoin Whales Making a Comeback?
With an eye-watering 30% price surge, 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 staging a comeback.
In the past week, the whales have increased their trading activity significantly. The chart below illustrates how PEPE Whale Transaction Count has increased from 9 on June 18 to 22 large transactions recorded at the close of June 20.
The chart above shows a 144% increase in the trading activity of crypto whales investing in PEPE.
All within just three trading days. If the whales can keep up this level of trading activity, PEPE could build on the 30% gains to end June 2023 strongly.
Render Token Whales Are Keeping the Crypto AI Flag Flying
Artificial Intelligence is fast-becoming a mainstay in crypto media headlines in recent months. Leading AI chips manufacturer NVIDIA’s stock surged 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. Indicatively, 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.
At the current market price of $2.30, the newly added 3.9 million RNDR is worth 8.9 million. As seen above, the whale accumulation has already triggered a 20% price surge. And if the whales keep buying, RNDR holders can expect more gains ahead.
In summary, crypto whales are highly influential in the blockchain ecosystem. Large institutional holders’ increased investment indicates their growing confidence in the projects’ long-term viability.
This positive perception can attract more participants, drive adoption, and enhance the overall credibility of the broader cryptocurrency market.
Disclaimer
In line with the 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 conduct your own research and consult with a professional before making any financial decisions.
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