bitcoin
Bitcoin (BTC) $ 52,023.94
ethereum
Ethereum (ETH) $ 2,979.17
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 354.33
solana
Solana (SOL) $ 107.37
xrp
XRP (XRP) $ 0.562673
staked-ether
Lido Staked Ether (STETH) $ 2,975.48
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.614694
avalanche-2
Avalanche (AVAX) $ 38.22
dogecoin
Dogecoin (DOGE) $ 0.085373
tron
TRON (TRX) $ 0.138805
chainlink
Chainlink (LINK) $ 19.27
polkadot
Polkadot (DOT) $ 7.65
matic-network
Polygon (MATIC) $ 0.999183
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 52,083.95
the-open-network
Toncoin (TON) $ 2.22
internet-computer
Internet Computer (ICP) $ 13.61
shiba-inu
Shiba Inu (SHIB) $ 0.000010
uniswap
Uniswap (UNI) $ 7.49
bitcoin-cash
Bitcoin Cash (BCH) $ 263.73
litecoin
Litecoin (LTC) $ 69.57
dai
Dai (DAI) $ 1.00
immutable-x
Immutable (IMX) $ 3.47
kaspa
Kaspa (KAS) $ 0.178700
leo-token
LEO Token (LEO) $ 4.30
cosmos
Cosmos Hub (ATOM) $ 10.30
bittensor
Bittensor (TAO) $ 631.70
blockstack
Stacks (STX) $ 2.70
optimism
Optimism (OP) $ 4.10
filecoin
Filecoin (FIL) $ 7.58
ethereum-classic
Ethereum Classic (ETC) $ 26.86
hedera-hashgraph
Hedera (HBAR) $ 0.108214
near
NEAR Protocol (NEAR) $ 3.36
aptos
Aptos (APT) $ 9.54
stellar
Stellar (XLM) $ 0.117282
vechain
VeChain (VET) $ 0.044494
injective-protocol
Injective (INJ) $ 36.29
okb
OKB (OKB) $ 50.88
celestia
Celestia (TIA) $ 17.92
lido-dao
Lido DAO (LDO) $ 3.20
first-digital-usd
First Digital USD (FDUSD) $ 0.997648
arbitrum
Arbitrum (ARB) $ 1.97
mantle
Mantle (MNT) $ 0.762663
crypto-com-chain
Cronos (CRO) $ 0.090841
sei-network
Sei (SEI) $ 0.929182
render-token
Render (RNDR) $ 6.09
the-graph
The Graph (GRT) $ 0.240842
monero
Monero (XMR) $ 121.57
sui
Sui (SUI) $ 1.69

Heavy Accumulation on These 2 Altcoins?

0

The data from on-chain analytical platforms suggests that the whales have their eyes on two altcoins, namely Chainlink (LINK) and Maker (MKR).

For around a month, there has been a downtrend in the Bitcoin (BTC) dominance. However, the price of BTC has not fallen significantly. This suggests that the whales are rotating their funds from BTC to altcoins.

The data from Spotonchain shows that a whale wallet, 0x8ead, withdrew 136,146 LINK, approximately worth $2.05 million, on Wednesday from Binance. The platform further reveals that the whale withdrew a total of 348,007 LINK worth $5.58 million over the past nine days.

Finally, the screenshot below confirms that there has been significant whale accumulation of Chainlink. In the past 24 hours, the centralized exchanges’ LINK balance decreased by 175,090 tokens. Meanwhile, in the past seven days, the balance has been down by at least 400,000 LINK tokens.

Read more: How To Buy Chainlink (LINK) and Everything You Need To Know

Chainlink Netflows. Source: IntoTheBlock

Chainlink (LINK) was one of the first movers during the bull rally that started in October 2023. However, for over a month, the price of LINK has been roughly consolidating between $13.6 to $16.6. 

Will the renewed whale interest ignite a new rally for LINK?

LINK/USDT, Weekly Timeframe, Binance. Source: TradingView
LINK/USDT, Weekly Timeframe, Binance. Source: TradingView

Fresh Wallet Withdrew $4.6 Million Worth of MKR

A freshly created wallet, 0xe68e, withdrew 3,150 MKR tokens from Binance on Wednesday. As per the current market price, the tokens cost approximately $4.6 million. 

Based on the seven-day timeframe, the screenshot below shows that the MKR balance on centralized exchanges has decreased by 2130 tokens. However, in the past 24 hours, the balance on the centralized exchanges increased by over 2,000 tokens.

The negative netflow indicates that the supply of the tokens is decreasing in centralized exchanges, and eventually, there will be less selling pressure. On the other hand, a positive netflow suggests that there might be more supply waiting to get dumped in the markets.

Read more: 8 Best On-Chain Analysis Tools in 2023

Maker Netflows. Source: IntoTheBlock
Maker Netflows. Source: IntoTheBlock

Do you have anything to say about whales’ accumulation of altcoins or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Source link

Leave A Reply

Your email address will not be published.

Shares