Following the “smart money,” on-chain analyst Santiment highlighted that whales are accumulating three cryptoactives and selling another three.
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On its Twitter account, insights firm Santiment has told more than 120,000 followers that whales have bought 41% more CRO in the past two months.
CRO is the token that powers Crypto.com's payment, trading and financial services platform.
The analytics company describes whales as entities possessing between 100,000 and 10 million CRO tokens.
According to Coingolive, the CRO has a circulating supply of 25.26 billion tokens and a maximum of 30.26 billion.
In addition to CRO, the company highlights in the full report that whales are also accumulating altcoin UMA, a platform native token that allows developers to build synthetic assets or Ethereum-based tokens that can track the price of anything.
“UMA has plummeted -53% from its highest local record six weeks ago, but the main stakeholders of the ETH-based project have continued to add more to their portfolios. When a price drop like this occurs, but the big holders actually ADD +2.3% more coins to their exchanges, it's a promising sign that it could boom when markets start to turn positive.” wrote analyst Brianq.
Finally, the article also highlights the Uniswap decentralized exchange token as one of the whales' choices. Despite the recent drop in prices, major addresses have increased their UNI amounts, with +4.1% accumulated in December alone.
“Uniswap is one of the top DeFi projects that really had a big boost in the first half of 2022, but dropped in the last,” writes Santiment.
What tokens are whales dropping on sardines
While the study looked at the altcoins that were most concentrated in the hands of whales from September to December 2022, it also pointed to the altcoins that the whales broke up the most.
The three altcoins are the Aave Loan Protocol (AAVE), the Synthetix Derivatives Liquidity Protocol (SNX) and the Augur Market Forecasting Platform (REP).
According to the analysis, whales have lost 18.5% of their SNX tokens and 5% of their REP coins since September. As for Aave, the insights firm says the whales shed 4.32% of their wallets.
It is worth noting that all of them had a price drop with the eviction of large addresses.
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Content Whales are accumulating three cryptocurrencies and dumping another three, according to Santiment first appeared in Cointimes .