Cryptocurrency whales are targeting the altcoins Aave (LEND), Ren (REN) and 0x (ZRX), driving their prices into double and triple-digit percentage gains.
According to a new report by crypto analytics firm Santiment, whale investors are targeting three altcoins for accumulation, in addition to bitcoin. The report claimed crypto whales began investing in the ERC-20 tokens LEND, REN and ZRX several weeks ago, which led to a subsequent price appreciation.
The report found LEND was up 130%, while REN and ZRX had appreciated 120% and 10% , respectively.
1) 🐳 A few weeks ago, we published an article on the three ERC-20 coins showing the largest accumulation trend by their top non-exchange holders, aka whales. Their price action since? $LEND +130%, $REN +120%, $ZRX +10%. For better or worse, #crypto is pic.twitter.com/aKjQNu0bgR
— Santiment (@santimentfeed) June 24, 2020
The report also gave a slightly bullish/neutral short-term outlook for bitcoin while labeling ethereum as neutral in the near-term. The analytics firm claimed both top cryptoassets had fallen into a lull during the month of June, with some altcoins displaying signs of decoupling.
The report continued,
It’s pretty obvious that both Bitcoin and Ethereum have fallen into a bit of a lull during the month of June, and with this, the rest of the altcoins (particularly defi projects) are indicating which ones have individual values without the aid of the top two market cap projects pulling them along.
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