December 5, 2022

Crypto Whales Scooping Up Loads of Two Altcoins, Causing a Potential Rally of x50

According to Santiment, a major on-chain analytics firm, crypto whales are quickly filling up their wallets with two altcoins based on the Ethereum network. Particularly, LINK and KNC.

Crypto Whales Accumulate Ethereum-Based KNC

Based on data by Santiment, bullish crypto investors are interested in buying KNC, the Kyber Network’s native token. The network acts as a blockchain-built exchange that allows immediate swaps from a list of various ERC-20 tokens. It also aggregates liquidity with no need for the involvement of third parties.

The analytics company mentions that deep-pocketed crypto investors are continuing to purchase more KNC tokens. This is despite the token’s value falling by more than 40 percent over the past three months. This indicates that the coin is following a downtrend.

Even so, it’s quite common for crypto whales to scoop up a massive number of tokens when the market dips or in times of low volatility.

On their Twitter account, Santiment mentions that crypto whales are on a roll and have amassed between 1 and 10 million KNC tokens over the last 90 days.

Crypto Proponent Expect Upcoming Rally with Significant Price Growth

That means they hold about 20 percent of the total KNC supply to their crypto wallets since July 31. Many crypto proponents are excited about the current development.

That’s because the last time this happened and crypto whales accumulated this much, the KNC token’s value rose by over 67 percent in half a year.

Currently, KNC’s value rose by 7.36 percent over the past day, and it’s trading at $0.9068.

Crypto Whales Hoard LINK Tokens

The other altcoin that crypto whales are scooping up is LINK, the native token of Chainlink, the decentralized oracle network.

Santiment also indicated that the number of crypto wallets accumulating LINK tokens has reached a five-year-high. To make matters interesting, the LINK token was trading at $7 on Sunday as crypto whales added large amounts of the token to their wallets.

According to Santiment’s data, around 458 crypto wallet addresses contain LINK tokens worth around $700,000. This is the highest number of crypto wallets that have held such a massive worth of LINK tokens.

The last time this happened was in 2017 when the LINK token was available on various big-name exchanges for public trading. The latest pricing information shows that the value of LINK has increased by 5.22 percent in the last day, with the token now trading at $7.20.

While whales purchasing such large amounts of the tokens is having a positive effect on their prices, analysts are unsure of how this will affect the market in the long term. Similarly, they’re not even sure if the impact is a temporary or long-lasting one.