While crypto markets saw a sizeable drop in value over the past two months, several major whales used this price dip to begin accumulating tokens.
Total crypto market capitalization sank by over $500 billion to well below $900 trillion- its lowest level since early-2021. Majors such as Bitcoin and Ethereum are trading down over 50% for the year.
Losses in the two have also spilled over into several major altcoins, with Bitcoin dominance rising to 43% of the market as a result.
But this price drop has also attracted buying by major whales. Data from blockchain analytics firm Santiment shows that accumulation of three tokens has outpaced others.
AAVE, SAND and LRC see increased whale accumulation
AAVE, the native token of the eponymous DeFi protocol, saw whale accumulation spike 47% of total supply from 42% earlier this month. The Etherum-based DeFi protocol is the second-largest by total value locked, and appears primed for a recovery after sharp losses earlier in the month.
Easing fears over a DeFi meltdown may also be boosting whale interest in AAVE.
SAND, the native token of The Sandbox metaverse, saw a steady stream of accumulation as the project announced a slew of prolific partnerships. The Sandbox’s exposure to prolific media brands gives the metaverse some staying power as compared to its peers, likely driven whale interest.
LRC, the native token of the Ethereum-based protocol Loopring, saw a 6% jump in whale accumulation over the past three months. This came despite a price drop.
ADA, YFI and DOGE lose major holders
But on the other hand, Cardano, Yearn Finance and Dogecoin saw a decreasing amount of whale holders.
ADA in particular saw the biggest exodus of whales, with over 10% of their overall holdings being dumped in the past three months.
YFI has also seen a steady stream of outflows after the abrupt exit of its prolific founder, Andre Cronje. Fantom, another project that Cronje played a key role in, has also tumbled in value since his exit.
DOGE also saw waning interest, as traders failed to be swayed by positive comments from Elon Musk. Development on the token has fallen fallen drastically this year, giving traders few cues to buy.
The token, along with Musk, were also named in a $258 billion lawsuit over running a pyramid scheme.