On-chain data revealed a frenzied buying trend for 2 altcoins, with whales piling up COMP on centralized exchanges. One whale even purchased 10% of the total supply of this project.
This altcoin whale collected 10% of PERP supply
According to Ember’s report, a huge investor raised $7.06 million worth of PERP from centralized exchanges in the last two days. Prior to this, he deposited a total of 4,700 ETH to his Bithumb wallet. Then he exchanged it all for WETH and transferred it to another wallet.
In the last transaction, the whale purchased 6.8 million PERP worth $7.06 million with a balance of 4,509 WETH. The position, with a purchase price of $1.08, represents 10% of the PERP circulating supply. However, after the purchase, the altcoin price drops over 20%.
According to CMC data, PERP lost around 20% of its value during the day. It is unknown how much the drop in altcoin price is related to the whale above. PERP is currently struggling to find support at $0.78.
Chainlink (LINK) became the favorite of whales this week
According to crypto analyst Ali Martinez, Chainlink whales purchased more than 4 million LINK in the last ten days. This represents a staggering total savings of $24 million. The analyst also shared a screenshot of the LINK/USD daily chart. Their analysis shows how the altcoin price rose steadily over the period before a brief consolidation.
According to Martinez’s post, Chainlink whales started a new uptrend by purchasing significant amounts of altcoins. However, there is no indication that this trend will continue for a long time. LINK, which had previously risen steadily for seven days, encountered some resistance. The price is currently in the consolidation phase.
Lucian, one of those responding to Ali’s post, questioned the sustainability of the rally and the whales’ intentions. Lucian asks if the whales have already sold their LINK tokens when the community thought they were buying them. Another participant stated that he was bullish on LINK. However, Aman added that the price could drop further to provide a better entry for LINK buyers.
COMP may be on the verge of a big sell-off: Altcoin whales are making preparations
According to Spot-On-Chain’s report, a whale address starting with 0x171 deposited 37,728 COMP to Binance today. This means that $1.5 million in fiat terms flowed into the stock market. The average purchase price of the whale was $39.64. In addition, the whale still has 58,000 COMP ($2.59 million) stored on the Aura Finance platform. This has an estimated total loss of $1.32 million. The altcoin whale may choose to dump his COMPs in the market with a quick transaction.
cryptokoin.comAs we stated that Arbitrum (ARB) was also in an intense accumulation phase.