Whales preferred this Altcoin over Bitcoin during the market decline

Saif Naqvi
Whales
Source: Pixabay

Most altcoins traded in the green during early Friday after the recent selling frenzy. However, the seesawing nature of the cryptocurrency market warranted reactions from both retail traders and whales.


Source: Santiment

A state of panic gripped investors after yesterday’s correction. At one point, a total of $250 Billion was wiped out from the total market cap and $450 Million in crypto was liquidated. While some chose to ‘buy the dip, others took a more cautious tone. Amid the confusion, whale activity also spiked significantly. Data from Santiment showed that whales had picked clear winners and losers during yesterday’s market decline.

Whales Pick Clear Winners And Losers

Source: Santiment

The chart showed how much whales bought or sold yesterday compared to the 90-day average of their holdings.

Gaming and DeFi tokens grabbed the biggest attention of whales and featured among the most accumulated coins. Enjin Coin spearheaded the list, followed by Axie Infinity, Compound, Uniswap, Ethereum, and Fantom.

The mild accumulation zone featured metaverse tokens Gala and Decentraland, along with DeFi tokens MATIC and Chainlink. Incidentally, Shiba Inu was the only meme coin to have peaked the whales’ accumulation interest.

On the flip side, prominent names such as Bitcoin, Chilliz, Basic Attention Token, Ripple, and The Sandbox made the mildly-heavily dumped category.

Conclusion

While whale movements may not always do not immediately reflect on the price, they carry large implications over the mid-long term. In most cases, whales taking a bearish or bullish tone affects the sentiment of retail traders as well. It would be interesting to see how prices of the abovementioned coins shape up once volatility settles down and the next recovery is initiated.

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