Bitrabo Editorial
The crypto market started June on a negative note, with lawsuits from the US SEC targeting Binance, Coinbase, and several altcoins. In response, crypto whales have been reallocating capital to a few unaffected altcoins.
Prominent altcoins like Polygon (MATIC) and Cardano (ADA) have dropped to new lows after being labeled as ‘securities’ by the SEC. In light of this, large institutional investors have turned their attention to Bitcoin Cash (BCH), PEPE (PEPE), and Render Token (RNDR).
In the past week, the positive sentiment among crypto whale investors has improved due to Blackrock’s recent application for a Bitcoin ETF. Will this ongoing accumulation frenzy by whales pave the way for altcoins to regain lost ground and reduce Bitcoin’s dominance by July 2023?
Bitcoin Cash Makes Gains: Crypto Whales Adopting Proof of Stake
As of June 21, Bitcoin Cash (BCH) is ranked second on the list of top gainers in the weekly global crypto rankings. BCH has seen a 25% increase in value over the past seven days. This increase came after the SEC excluded the most notable Proof of Stake network from its list of securities.
The decentralized nature of Bitcoin Cash has attracted the attention of crypto whales. Data from Santiment shows that whales holding 1 million to 10 million BCH coins have been increasing their holdings for three consecutive days.
During the period from June 18 to June 21, whales purchased 20,000 Bitcoin Cash coins, worth approximately $2.64 million.
With such a significant influx of funds in just three trading days, it is not surprising that BCH has climbed the list of top gainers.
Are the PEPE Memecoin Whales Making a Comeback?
PEPE is one of the surprise entries in the top gainer rankings this week, with a staggering 30% price surge.
After a lackluster performance in May 2023, whale investors in the PEPE ecosystem are making a comeback.
In the past week, these whales have significantly increased their trading activity. The chart below illustrates the increase in PEPE Whale Transaction Count 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.
If the whales can maintain this level of trading activity, PEPE could continue to see gains by the end of June 2023.
Render Token Whales Are Keeping the Crypto AI Flag Flying
Artificial Intelligence (AI) has been a hot topic in crypto media recently. Stocks of leading AI chips manufacturer NVIDIA surged 12% last week after the company announced record demand for its products.
As expected, crypto AI projects like Render (RNDR) also experienced the positive impact of NVIDIA’s stock price surge. Crypto whales holding 1 million to 10 million RNDR balances have collectively increased their holdings by 3.9 million tokens.
At the current market price of $2.30, the newly added 3.9 million RNDR is worth $8.9 million. The whale accumulation has already triggered a 20% price surge in RNDR. If the whales continue to buy, RNDR holders can expect further gains.
In summary, crypto whales have a significant influence in the blockchain ecosystem. The increased investment from large institutional holders indicates their growing confidence in the long-term viability of these projects. This positive perception can attract more participants, drive adoption, and enhance the overall credibility of the 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. Bitrabo 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.