The crypto analytics agency Santiment says one altcoin’s ascent seems to be fueled by crypto whales.
In a brand new report, Santiment says that whereas Ren Protocol (REN) was slowly ascending in January of 2021, sure metrics behind-the-scenes indicated that the altcoin would soar to new heights down the street.
The interoperability blockchain liquidity asset has since made new highs this week, hovering previous $1.
In response to Santiment’s findings, this February rise is partly resulting from Ren accumulation by whale addresses holding 1 million or extra Ren.
Knowledge exhibits that there was a steep improve in Ren whale holders ranging from the tip of January into mid-February.
Moreover, Santiment studies that the variety of distinctive Ren addresses holding any quantity of the token has additionally been steadily climbing upward, particularly over the previous month.
Additionally over the course of the previous 4 weeks, the expansion of day by day lively Ren addresses has been fast, indicating that the coin was primed for a breakout.
The analytics agency first reported on the uptrend in Ren whale addresses earlier this month when the asset was nonetheless sitting at round $0.80.
In that very same early February report, Santiment discovered that whales had been accumulating oracle Band Protocol (BAND) and DeFi token Aave at important charges as effectively.
This week Ren reached a brand new all-time excessive of $1.23 and is trading at $1.28 as of writing with an total market cap of $1.18 billion. Earlier this month Band reached an all-time high of $20.34 as did Aave coming in at a high of $547.28.
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