While the crypto markets saw a considerable drop in value in the last two months, several major whales used this price drop to start accumulating tokens.
The total crypto market capitalization sank by more than $500 billion to well below $900 trillion, its lowest level since early 2021. Large companies like Bitcoin and Ethereum are trading down more than 50% during the year.
Losses in the two have also spread to several major altcoins, with Bitcoin’s dominance rising to 43% of the market as a result.
But this price drop has also attracted the purchase of the main whales. Data from blockchain analytics firm Santiment shows that the accumulation of three tokens has surpassed others.
AAVE, SAND and LRC see greater accumulation of whales
AAVE, the native token of the DeFi protocol of the same name, saw whale accumulation rise to 47% of the total supply from 42% earlier this month. The Etherum-based DeFi protocol is the second largest by total value locked and appears poised for a recovery after heavy losses earlier in the month.
Easing fears about a DeFi crash may also increase whale interest in AAVE.
SAND, the native token of The Sandbox metaverse, saw a steady stream of accumulation as the project announced a host of prolific partnerships. Sandbox’s exposure to prolific media brands gives the metaverse some staying power compared to its peers, likely fueled by whale interest.
LRC, the native token of the Ethereum-based Loopring protocol, saw a 6% increase in whale accumulation in the last three months. This came despite a price drop.
ADA, YFI and DOGE lose major shareholders
But on the other hand, Cardano, Yearn Finance and Dogecoin saw a decreasing number of whale holders.
ADA, in particular, saw the largest exodus of whales, with more than 10% of its total farms being dumped in the last three months.
YFI has also seen a steady stream of exits following the abrupt departure of its prolific founder, Andre Cronje. Fantom, another project in which Cronje played a key role, has also lost value since his departure.
DOGE also saw waning interest as traders were unswayed by Elon Musk’s positive comments. The development of the token has fallen sharply this year, giving traders little sign to buy.
The token, along with Musk, were also named in a $258 billion lawsuit about running a pyramid scheme.
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