Data analytics platform LookOnChain reported significant whale wallet activity accumulating several altcoins over the past couple days. Specifically, large withdrawals were seen from exchanges like Binance and Gate.io for tokens like SHIB, RNDR, MKR, and BIGTIME.
A whale wallet with address 0xF633 withdrew 1.44 trillion SHIB tokens worth $13.36 million along with 3 million BIGTIME tokens worth $1.2 million.
Another whale wallet 0xAdf5 moved 1,075 MKR tokens out of Binance worth nearly $1.9 million.
And wallet 0x4E46 withdrew 650,527 RNDR tokens from Binance worth $2.48 million.
When whales and other large holders accumulate tokens into their personal wallets rather than keeping them on exchanges, it signals a long-term bullish intent. These investors likely expect the prices to rise significanty in the future if they are willing to undertake the added risk and transaction fees required to transfer to private wallets.
The large accumulations seen could indicate these whales believe SHIB, RNDR, MKR and BIGTIME are currently undervalued. As more tokens get locked up in whale wallets rather than readily availabe on exchanges, it reduces circulating supply and sets up the tokens for potential price rises.
In the past, when whales have accumulated tokens ahead of a bull run, it preceeded large rallies in the coins accumulated. This trend suggests the moves could foreshadow growing confidence in these altcoins among more influential crypto investors.
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Show more +If these whales turn out to be right with thier predictions, it could mean that SHIB, RNDR, MKR and BIGTIME may be gearing up for their next leg up in what continues to be a volatile but potentially lucrative cryptocurrency market. The large accumulations are definately a bullish signal for the near and long-term price outlooks.
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