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In August, a general decline was seen in the market, which revealed that many cryptocurrencies fell. Focusing on turning the current conditions into opportunities, whales seem to have started to accumulate certain altcoins in anticipation of potential gains next month. Among the cryptocurrencies that whales are interested in are Toncoin (TON), Uniswap (UNI) and Lido (LDO).
Toncoin (TON) Savings
Toncoin (TON) has seen its value drop by 21% since August 24 following the detention of Telegram CEO Pavel Durov. According to data provided by IntoTheBlock, TON whales have been in the spotlight with a 307% increase in net flow of its major holders. The whales appear to have taken advantage of this price drop to increase their holdings.
When there is an increase in this metric, it is seen that whales are buying more coins than selling. This bullish outlook generally encourages individual investors to buy. Continuing accumulation on the whale side can create greater demand for the altcoin and potentially bring a price increase.
Uniswap (UNI) Comments
Uniswap’s native token UNI has seen a 27% drop over the past month, with the altcoin currently trading at $5.67. Despite the decline, the drop may have presented a potential buying opportunity, as evidenced by the negative market value to realized value (MVRV) ratio.
If an asset’s MVRV ratio remains below zero, it can be interpreted as the asset being undervalued. This means that its current price is lower than the average price of all its tokens in circulation, and can also be considered a potential opportunity for investors looking to “buy the dip,” which is entirely up to investor behavior. On the UNI side, whales who thought the value was undervalued appeared to have accelerated their token accumulation, according to indicators.
According to data provided by Santiment, the number of UNI whales holding between 1,000 and 1 million UNI tokens appeared to have increased by 1% in the past month. As of today, the group includes 5,595 addresses, marking the highest level since January 10.
Lido (LDO) View
LDO, the token that powers leading decentralized finance (DeFi) protocol Lido, also appeared to have entered the whales’ radar in recent days. According to data provided by Santiment, whales holding between 100,000 and 1,000,000 LDO tokens currently hold 9% of the altcoin’s total circulating supply, as reflected in the charts.
Santiment’s data showed that the number of addresses holding between 100,000 and 1,000,000 LDO tokens increased by 4% last month, indicating that more large investors are accumulating LDO and their confidence in the token is increasing.
