MKR, UNI and OP: What Crypto Whales Bought in August
Date: 2023-08-27 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
Despite the threat of another crisis looming over the financial markets and a drawdown in the price of most digital assets, crypto whales still took bullish positions in some altcoins.
Among the coins that experienced a surge in institutional interest in August were Maker (MKR), Uniswap (UNI) and Optimism (OP). If historical data is taken into account, the actions of the whales could be the catalyst for a massive increase in the price of these tokens.
Cryptokits are buying up Maker (MKR)
Over the past two weeks, the native Maker protocol token MKR has attracted significant demand from whales thanks to an increase in the DAI cumulative rate to 8%.
So, between August 13 and 21, addresses with balances from 100,000 to 10 million MKR purchased another 16,000 tokens worth about $16.14 million.
Uniswap (UNI) Investor Activity Breaks Records
After reaching a 4-month high at the beginning of the month, Uniswap's quotes fell by 30%. However, the whales continue to buy UNI despite the double-digit price correction.
The chart below shows that between August 13 and August 21, the volume of transactions exceeding $100,000 increased by more than 420%.
If the whales continue on this trajectory, UNI holders could expect significant gains in September.
Optimism (OP) is giving green signals
The native L2 blockchain token Optimism continues to attract the attention of whales.
The Santiment chart below shows that after the initial scare on August 17, investors with balances between 100K and 1M coins rushed to buy OP again. Between August 17 and 22, they replenished wallets with another 3.22 million tokens worth about $4.5 million.
Increased demand from whales means that Optimism investors remain positive and hope for September growth.
