Crypto Whales Are Buying Spree, WhaleStats Report
Numerous altcoins faced strong purchasing power from whale addresses who added more than $10 million in various coins to their addresses, according to Whale Statistics follower. The list of purchased tokens included such positions as MANA, SAND, MATIC, SHIB, LINK and many others.
The appearance of such strong purchasing power in the market suggests that whales are most likely entering the accumulation phase and buying assets at a discount because they believe in recovery.
According to the Bitcoin and Total Market Cap chart, the market is actually facing an influx of funds on March 8, but it is not neglecting the previous losses that Bitcoin and other cryptocurrencies have suffered over the past week.
Thanks to whale shopping spree, the Shiba Inu token is returning to the top spot as the largest USD-valued whale property asset on the market. At the time of going to press, the total value of SHIB holdings remains at $1.6 billion, while the previous leader, FTT, has $1.4 billion.
According to Shiba Inu’s TradingView chart, the tokens are neither rising nor showing any positive volatility movement, indicating that the rise in the company’s value is driven solely by whale purchases.
Other altcoins from the list, such as SAND, are also showing no unusual performance in the market with only 2% growth in the last 24 hours. SAND, SHIB and MATIC are all showing signs of recovery, but are not yet gaining half of their previously lost value.
Chainlink remains one of the most actively bought altcoins among whales, according to the data provided, but also shows no signs of a major recovery and is trading in the same downtrend as other cryptocurrencies.