This week has seen a resurgence in trading activity in the crypto market, reflected by a $101 billion spike in global crypto market capitalization.
As traders regain confidence, whales are accumulating key altcoins like Uniswap (UNI), PancakeSwap (CAKE), and Ondo (ONDO).
Uniswap (UNI)
The decentralized finance (DeFi) token UNI has attracted significant whale attention this week, indicated by a 3900% surge in large holders’ netflow, as per IntoTheBlock. Large holders are whale addresses owning over 0.1% of the total supply. Increased netflow signals accumulation by these key investors, reflecting bullish confidence in UNI’s price trends that could attract retail traders and drive up prices.
PancakeSwap (CAKE)
CAKE, based on BNB, has also seen whale interest amid a rise in meme coin activity on the BNB Chain, boosting its status as the top DEX for many traders this week. Inactive CAKE whales holding 100 million to 1 billion tokens have become active, accumulating over 101 million CAKE worth more than $250 million in the past 24 hours, according to Santiment. Persistent accumulation from whales might enable CAKE to overcome the broader market downtrend and gain.
Ondo (ONDO)
Real-world asset-based token ONDO is also favored by crypto whales this week. Whales holding between 10,000 and 100,000 ONDO have bought 1.08 million tokens in the last seven days, as reported by Santiment. This investor group currently holds 60.44 million coins. A market-wide accumulation phase for ONDO may push its price closer to $0.95, with current trading at $0.83.
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