Ethereum based Altcoins are in demand as whale addresses accumulate

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According to Santiment, a top analytics company, wealthy cryptocurrency investors are quickly stockpiling two tokens created on the Ethereum (ETH) blockchain.

Crypto whales are reportedly snatching up Kyber Network (KNC), a blockchain-based exchange that intends to pool liquidity and enable fast exchanges between ERC-20 tokens without the use of any middlemen, according to Santiment. The intelligence company claims that despite KNC’s persistent decline, which saw the token drop over 40% of its value in less than three months, whales kept accumulating KNC.

Additionally, Santiment claimed that wealthy investors are also purchasing Chainlink, a decentralised oracle network (LINK). The number of whales owning LINK is currently at a five-year high, claims the analytics company.

According to the analytics company, over the past three months, Kyber Network whales have gathered quickly. Since July 31st, key wallets holding one million to ten million KNC have added 20% of the supply to their holdings. KNC expanded +67% in six months the previous time this kind of buildup was observed. 

Chainlink is also observing a continued rise in the number of whale addresses as prices surpassed $7.00 on Sunday, which is a record high since 2017. There are 458 addresses that are holding $700,000 or more.

LINK and KNC were trading at $7.09 and $0.895 at the time of writing, respectively, up 3.33% and 5.19% over the past twenty-four hours.

It was expected that The Merge will boost interest in Ethereum as the network officially switched from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus. The historic Merge upgrade increased hopes for the potential of Ethereum (ETH), with the potential to attract new users to the network. Merge’s initial phases, however, have not lived up to expectations due to the present market downturn, and the asset has experienced capital outflow.

The outflow of capital is one bright indicator that the Merge hasn’t had a substantial impact on Ethereum. Supporters believe that although if the upgrade is just a small part of Ethereum’s overall roadmap, it will nonetheless have a significant influence.


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