The decentralized liquidity protocol Bancor (BNT) has staged a remarkable comeback in recent days, with its market capitalization more than tripling over the past four days. This massive surge appears to be driven by significant accumulations from whales and other large holders.
Bancor pulled off one of the most stunning rallies of 2023 so far, with its BNT token jumping by 139%. This resulted in Bancor’s market cap exploding to $115 million, a 3 fold jump in just four days.
Source: Santiment – Start using it today
According to on-chain analytics provider Santiment, the build-up to this rally was evident for weeks beforehand. Their data showed the number of BNT wallets holding balances between 10,000 to 100,000 BNT had steadily accumulated since late October. These “sharks and whales” were hinting at the spike to come.
Overall, BNT holders have been accumulating heavily as well, with Santiment noting that BNT holdings across the network were the highest they had been in 8 months. This return of strong conviction from both small and large holders paved the way for the upside breakout.
Bancor v3, a significant upgrade focused on enhanced liquidity and pricing, also recently went live. The success of the well-executed launch likely improved investor sentiment around the project.
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The on-chain insights make it clear Bancor’s powerful rally was not a random pump. Targeted accumulation by “smart money” holders provided the fuel for BNT’s meteoric rise once upside momentum kicked in. Savvy traders will closely watch for similar patterns in other altcoins that could signal the next breakout.
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