Whale Invasion: 3 Altcoins based on DeFi Scramble! › CoinTurk

Whale Invasion: 3 Altcoins based on DeFi Scramble!  › CoinTurk

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As the selling pressure created by uncertainty and macro factors in the cryptocurrency market continues, whales are not missing the opportunity to buy from the bottom.

Millions of dollars are flowing into these projects!

The fear and greed index marks the region of “extreme fear”. Current data shows that investors are cautious about stocks and cryptocurrencies. In this process, whales are turning to Defi-based altcoin projects. Whalestats, which tracks whale purchases, reported that top Ethereum whales have been buying DeFi tokens. Data Wrapped bitcoins (WBTC) is at the top of the tokens accumulated by huge ETH wallets. In the past 24 hours, the whales received around $53.19 million from WBTC. WBTC is currently trading at $28,805.

An Ethereum whale with the assimilation “Bluewhale” received $47.44 million from WBTC. The whale leads the buying frenzy. Bluewhale also acquired 27,238 Wrapped Ethereum (wETH) worth $47.38 million. Whale currently holds $53.9 million worth of wETH. Wrapped Ethereum is currently trading at $1,767. Earlier, it was reported that another ETH whale received around $12 million from wETH.

Chainlink (LINK) reaches the top

According to data from Whalestats, Chainlink (LINK) has overtaken WBTC to become the most traded token among the top 500 ETH whales. LINK has lost 50% of its value in the last 30 days Challenge token based. The cryptocurrency market has been hit hard by geopolitical issues, high inflation, and the collapse of Terra (LUNA). Bitcoin (BTC) price fell back to $28,000. BTC’s market cap fell nearly 27% in May to $549 billion. It shared the same rule in WBTC. Its market capitalization fell to $7.89 billion. However, whale buying indicates that a price increase is possible for the long-term market. Meanwhile, the market capitalization of DeFi-based alltcoins has fallen 26% in the past 24 hours and currently stands at $50.51 billion.

As values ​​continue to fall, cryptocurrencies are losing their magic as an inflation hedge. bitcoins (BTC) has become less attractive compared to other investments such as technology stocks and fixed income securities. This means that the rest of this year could be risky for cryptocurrencies. The decline could continue given the Fed’s current monetary policy. Whales, on the other hand, continue to seize the opportunity to buy from the bottom.

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