Crypto whales are buying up these two assets in large numbers, fanning the flames of their meteoric ascents.
Crypto analytics firm Santiment reports that large investors are migrating in droves towards two decentralized finance (DeFi) assets.
Tracking the movements of elite crypto holders can help investors get a good idea of where an asset’s price might be moving, and whales seem to be lining up to purchase money market protocol Aave and interoperability protocol Ren.
According to Santiment, Aave, which has risen 67% in the past week according to CoinGecko, is being accumulated by whales, or holders with 1,000 or more Aave tokens, at a rapid rate this month.
“DeFi is alive and well in crypto, as AAVE has skyrocketed to a 33% gain in the past day.
Aave whales, which we deem addresses holding 1,000 tokens or more (~$397,000+ USD), have ballooned from 266 to 327 addresses this past month, fueling this rally.”
Ren has also seen a balloon in addresses holding large amounts of the token as it has seen a 51.8% price increase in the past seven days.
“The amount of Ren whales (holding at least 1m+ REN tokens) has jumped from 81 to 89 addresses in the past day.
This is the highest amount since August 15, 2020. The 23-week high in such addresses is typically a great indication of things to come.”
Santiment is monitoring whale accumulation of a few other assets as well. The analytics firm reports that Band Protocol (BAND) is up in holders who have 10,000+ BAND by 33 in the past four months.
Binance’s BNB token and yearn.finance’s YFI asset have both lost a significant amount of whale addresses in the past three days, while crypto whales holding Celsius has dropped significantly over the past year on the whole.
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