Popular altcoins like Polygon (MATIC) and Cardano (ADA) hit new lows after the SEC labeled them as securities. As a result, institutions and investors have turned their attention to Bitcoin Cash (BCH), PEPE (PEPE), and Render Token (RNDR).
Since June 21, Bitcoin Cash (BCH) price performance has been ranked #2 in the weekly global crypto ranking. BCH has increased 25% over the past 7 days. This bullish comes after the SEC opined that Ethereum wasn’t a security. The decentralized nature of Bitcoin Cash has gained the attention of crypto whales. The number of whales holding between 1 million and 10 million BCH has spiked for 3 consecutive days. From June 18 to June 21, whales bought 20,000 BCH worth about $2.64 million. With such a large investment, it’s no surprise that BCH were among the best performing altcoins last week.
With a staggering 30% increase, PEPE was one of the biggest gainers last week. Given the lackluster price performance in May 2023, it looks like PEPE whales are gearing up to get back on track. Over the past week, whales have been very active. PEPE transactions have skyrocketed, from 9 transactions made on June 18 to 22 transactions at the end of June 20. If whales can stay their activities, PEPE is likely to end June with impressive growth.
Artificial intelligence has been a hot trend in crypto space over the past few months. Shares of leading AI chip maker NVIDIA jumped 12% last week after the company recorded soaring sales of its products. Crypto AI projects like Render (RNDR) also benefited from the skyrocketing NVIDIA share price.
Santiment data revealed that crypto whales with balances between 1 million and 10 million RNDR also rushed to increase their holdings by 3.9 million tokens. At the current price of $2.3, the accumulated 3.9 million RNDR will be worth $8.9 million. The mass accumulation of whales drove a 20% increase in price. And if whales continue to buy, RNDR holders can expect to gain even more profits.
Crypto whales have a big influence in the blockchain ecosystem. Large institutional holders increasing their investment in cryptocurrencies shows their growing confidence in the long-term developments of projects. This positive sentiment could attract more investors to participate and enhance the credibility of the cryptocurrency market.