Large investors appear to be scooping up tokens at a discount amid the present market volatility concerning 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 5000 ETH wallets indicate that large investors have been loading up tokens such as Ethereum (ETH), Shiba Inu (SHIB), Synapse Protocol (SYN), Immutable X (IMX), Verasity (VRA), Convex Finance (CVX) in the last 24 hours. These tokens make up the top ten purchased among whales over the past 24 hours.
According to data shared by WhaleStats, An ETH whale has acquired 62,200,322 Verasity’s VRA at $1,250,537 worth over the last few hours. A piece of positive news comes in for Shiba Inu as Payment service provider BitPay has announced that Australian energy company 1st Energy now accepts cryptocurrencies, Shiba Inu included, through BitPay.
Top Ten Purchased Tokens, Courtesy: WhaleStatsLocked CVX tokens flooded the market after a smart contract exploit, pushing down prices. In just a few hours, prices dropped by as much as 20%, from $19.10 to $15.22. Large holders, on the other hand, have stepped in to add to their positions, and many users have chosen to re-lock their tokens rather than sell.
The Convex Finance team said on Twitter on Friday that it had redeployed the contracts responsible for the vote-locking governance mechanism after discovering a flaw that would have resulted in disproportionate rewards for certain users.CVX is presently up 8.29% over the last 24 hours at $17.79.
The majority of cryptocurrencies slipped into the red zone as Bitcoin dipped to lows of $38,590 on Mar.4. XRP traded up 5.24% at a present price of $0.753. Chiliz (CHZ), the native crypto asset that powers Socios.com, a platform that lets users trade tokens to show their support for professional sports teams was up 20.56% in the last 24 hours amid the upcoming launch of Chiliz Chain 2.0 (CC2).
At the time of writing, a handful of tokens were seen posting a slight rebound, Shiba Inu (SHIB, +4.10%), Anchor Protocol (ANC, +7.99%), Keep Network (KEEP, +15.42%), Dent (DENT,+6.01%) were significantly up in the last 24 hours.
Bitcoin was trading marginally up from the prior day’s lows of $38,590 at a present price of $39,528.
Image Credit: WhaleStats, Shutterstock
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