Large investors appear to be scooping up tokens at a discount amid the present market volatility in relation to the short-term price action for cryptocurrencies. It should be noted that in every market cycle comes the accumulation phase, whereby prices flatten and contrarian investors see the opportunity to jump in and scoop up discounts.
Data from WhaleStats that tracks the top 1000 ETH wallets indicate that large investors have been loading up tokens such as Shiba Inu (SHIB), Polygon (MATIC), Tron (TRX), Gods Unchained (GODS), MOBOX (MBOX) in the last 24 hours.
Top 10 tokens that have been BOUGHT the most today#BUSD @PaxosGlobal#ADA @Cardano#USDT @tether_to#TBCC @TBCC_ex#BNB @binance#TRX @Tronfoundation #MBOX @MOBOX_Official#ETH @ethereum#MIR @mirror_protocol#BTC @Bitcoin
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) December 10, 2021
Source: https://t.co/H1oLwzxyGe pic.twitter.com/gwOMGpV4Xu
The majority of cryptocurrencies slipped into the red zone as Bitcoin dipped to lows of $47,185. At the time of writing, a handful of tokens were seen posting a recovery. Polygon (MATIC, +4.59%), Celsius (CEL, +18.36%), Near Protocol (NEAR, +13.80%), Flux (FLUX, +83.20%), Injective Protocol (INJ, +13.60%), Syscoin (SYS, +18.53%) were significantly up in the last 24 hours.
Gods Unchained (GODS)
Gods Unchained (GODS) is an Ethereum token that powers Gods Unchained, a blockchain-based trading card game. GODS can be used to craft NFTs and other digital items within Gods Unchained as well as vote on the future of the platform. GODS is up nearly 100% in the last 24 hours as Coinbase announced launching Gods on December 10.
Asides from this, WhaleStats indicated that an ETH whale purchased 143,288 and 165,392 gods worth $1,040,270 and $1,200,745 respectively in two separate transactions. GODS traded at $8.66 as of press time.
SHIBA INU (SHIB)
An Ethereum whale wallet named “Hulk” has acquired 8 trillion Shiba Inu tokens worth $290 million, according to an update from on-chain wallet monitor Whale Alert. In a series of three transactions between Wednesday and Thursday, the whale added to their SHIB holdings that now exceed $465 million in value.
Polygon (MATIC)
Polygon unveils its ”exciting announcement” at the zkday as it announced that Mir, a startup building groundbreaking ZK tech, is joining the Polygon in a $400M deal. The Mir team is joining Polygon to build a new project – Polygon Zero, a scalable, Ethereum-compatible ZK Rollup.
Polygon continues to be a top choice among large investors. WhaleStats reported that An ETH whale just bought 1,000,000 MATIC ($2,100,000) today.
Bitcoin touched highs of $50,148 as inflation figures rose to 39 year high. According to Crypto analyst Kaleo ”My thoughts on these inflation numbers – As long as the Fed isn’t extremely aggressive with tapering / raising rates, the inflation numbers in the *short term* can be extremely bullish for the market. Inflation (with no other adjustments to policy) is good for real assets”.
Bitcoin seems to have found a base for lows at the Dec. 4 trough of $42,333. An oversold RSI might suggest a bounce in the near term. Alternatively, if a dead cat bounce occurs, Bitcoin price may seek to form a double bottom pattern near $39,600.
Image Credit: WhaleStats, Shutterstock
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