Bitcoin (BTC) has recently been facing some selling pressure and trading in a tight range between $26,500-$27,500 for a while. The trading volume and liquidity for Bitcoin have dried up with exchange inflows hitting new lows.
Amid the current subdued performance of Bitcoin (BTC), sharks and whales have started accumulating altcoins and stablecoins.
The most widely accumulated stablecoins include USD Coin, Binance USD, and the DAI Stablecoin. The $100k-$10m whale addresses hold 37% USDC, 6% BUSD, and 39% DAI.
On the other hand, some lesser-known altcoins have also been on the radar of the whales. During this month of May, whales and sharks have accumulated a few lesser-known altcoins such as Porspoer $PRO, Banqi $QI, and Maker $MKR. As per on-chain data provider Santiment, a $100k-$1m tier of wallets has accumulated these assets.
Another altcoin that has delivered a solid rally in recent times is Render Token (RNDR). Just over the last fortnight, RNDR has gained 63% and has jumped to become the 45th largest cryptocurrency by market cap.
On Tuesday, May 23, the RNDR price surged all the way to $2.785 after which it entered into some sort of profit booking. On-chain data provider Santiment reported that investors need to stay cautious considering that the whale transactions surged to the third highest over the past month.
