Two DeFi Altcoins on Ethereum Network Experience Sudden Surges Following Large Whale Buys: Analysis of On-Chain Data
Two altcoins in the decentralized finance (DeFi) space built on the Ethereum blockchain are experiencing sudden surges following significant purchases by large investors, as per data from Lookonchain.
The governance token of 1inch, a decentralized exchange aggregator, has seen a notable uptick after a substantial acquisition. A wallet linked to the investment fund supporting 1inch recently acquired 7.96 million 1INCH tokens worth $1.75 million. Since July 5th, this wallet has amassed a total of 22.4 million 1INCH tokens valued at $5.49 million, with an average price of $0.25. Currently trading at $0.28, 1INCH has surged over 26% in the past 24 hours, boasting a market capitalization exceeding $358.9 million.
On the other hand, Aave, a lending protocol, has caught the attention of investors with one whale accumulating over $6 million worth of the AAVE governance token. Priced at $137 at the time of writing, AAVE has surged by 12.5% in the last 24 hours, with a market cap of $2.05 billion. The whale in question has purchased 50,604 AAVE tokens valued at $6.78 million on September 4th, holding a total of 125,605 AAVE tokens worth $16.9 million, acquired at an average price of $134.6.
Furthermore, Lookonchain has observed significant Bitcoin activity, with a whale purchasing 545 BTC valued at $30.82 million amid a price drop. This investor has acquired a total of 862 BTC, amounting to $49 million, at an average price of $56,993 over the past three days. Bitcoin is currently trading at $58,399.
In conclusion, the DeFi market, particularly altcoins based on Ethereum, is witnessing notable movements driven by substantial investments from whales. These developments underscore the ongoing interest and activity in the crypto space, reflecting the dynamic nature of digital asset markets.
