Crypto whales are snatching up these 2 assets in huge numbers, fanning the flames of their meteoric ascents.
The Crypto analytics firm called Santiment report that the big investors are migrating in towards 2 decentralized DeFi finance assets.
Investors can get a good idea of where an asset’s price might be moving by tracking the movements of elite crypto holders, and super whales seem to be lining up to buy the money market protocol called Aave and the interoperability protocol called Ren.
According to Santiment, Aave has risen more than 67% in the past week which Coingeko reports, is being gathered by these whales, or holders with more than 1000 Aave tokens, at a parabolic rate this month.
“DeFi is alive and well in crypto, as AAVE has skyrocketed to a 33% gain in the past day.
Aave whales, which we deem addresses holding 1,000 tokens or more (~$397,000+ USD), have ballooned from 266 to 327 addresses this past month, fueling this rally.”
Ren has also seen a parabolic move in crypto addresses holding massive amounts of the tokens as it has seen a 51.8% price increase in the past 7 days.
“The amount of Ren whales (holding at least 1m+ REN tokens) has jumped from 81 to 89 addresses in the past day.
This is the highest amount since August 15, 2020. The 23-week high in such addresses is typically a great indication of things to come.”
Santiment has been monitoring whale accumulation and of a few other crypto assets as-well. The analytics firm has reported that Band Protocol (BAND) is up in holders who have 10,000+ BAND by 33 in the past four months.
Binance’s BNB token and the yearn.finance’s YFI asset have both lost a massive amount of super whale addresses in the past three days, while super crypto whales holding Celsius has dropped like crazy over the past year on the whole.