Santiment – Whales Continue to Accumulate XRP and Chainlink Cryptos

Santiment, which provides in-depth data related to cryptocurrencies, discloses that large players are increasing their XRP and Chainlink (LINK) holdings, while two more altcoins signals an increase in momentum.

Through a Twitter post, Santiment has informed its 29,000 followers that whales began accumulating XRP a month after the crypto market plummeted on Covid-19 pandemic fears, resulting in a surge in the number of wallets which hold a minimum 100,000 XRP.

“Ripple’s whale count has spiked the past 6 months, with many in high-tier brackets of $XRP held. Since April, holders with:

100K – 1M: 14,525 to 17,387 whales (+19.7%)
1M – 10M: 1,307 to 1,336 whales (+2.2%)
10M+: 280 to 309 whales (+10.4%).”

Chainlink is also indicating an improvement in fundamentals. As per Santiment, 34.20 million LINK tokens have been bought by top 100 whale addresses which are no way related to cryptocurrency exchanges.

“If this isn’t the depiction of steady accumulation for Chainlink’s top 100 non-exchange whales in the past year, we don’t know what is. LINK’s offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake.”

The crypto data provider is also tracking Ren (REN), a covenant that facilitates the transfer of cryptocurrencies between various blockchain. Santiment states that on-chain metrics signals that Ren may have hit a rock bottom.

“REN is running, and its turnaround from its $0.232 bottom was foreshadowed perfectly by a 5.2M on-chain transaction volume spike about 11 hours ago. The ETH-based crypto asset still has plenty of ground to make up for its -19.3% drop this past week.”

Santiment is also tracking yearn.finance (YFI), the favorite protocol in the decentralized finance (DeFi) arena. The statistical data provider has stated that the protocol is displaying signals of exhaustion.

“It appears that YFI is showing some signs of some bullish divergences, based on our research. An increase in whale activity is a good sign, and there appears to be an uptick in active addresses as well.”