Whale Activity in Injective, Render, and Polygon

• According to the latest Santiment data, whales made a significant move of Render, Injective, and Polygon tokens on July 21, September 9, and August 21 respectively, signaling a bullish run. 

• Polygon currently has 74% of its supply in the possession of whales according to data. 

Whale activities have been in ascension in the past few days as three major assets – Render (RNDR), Injective (INJ), and Polygon (MATIC) appeal to investors pending the much-anticipated altseason. 

Render (RNDR)

According to CoinMarketCap (CMC) data, whales were holding around 51% of the total supply of Render. As of press time, this number had increased to 70% with 81,780 wallet addresses currently holding the digital asset.

A further look at the longevity of these addresses shows that 25.95% have held the asset for more than a year. Fascinatingly, 69% of wallet addresses have held Render for between one month and 12 months, with only 5% holding the asset for less than a month. According to Santiment data, whales made a major move of Render tokens to cold wallets on July 21, and their holdings have been relatively flat since then. 

At press time, Render was trading at $4.7 after declining by 0.3% in the last 24 hours. 

Polygon (MATIC)

Taking a look at Polygon, we observed that large investors have massively piled up the asset as its whale holdings make up 74.7% of the total supply. According to data, 81% of the 624,945 holding addresses have kept the asset for more than a year. Fascinatingly, 16.5% of the Polygon wallet addresses have held MATIC for between one month and 12 months while only 2% have held it for less than a month. 

Delving deeper into Santiment data, we observed that whales made a major move of MATIC coins to cold wallets on September 9. Unlike Render, the transfers continue as the network transitions to POL. 

Earlier this month, Polygon developers began the migration of MATIC to POL to add more utility to the new token as we reported. Since this migration, the price has been struggling to sustain its crucial support level to move towards the $0.6 zone. 

At press time, MATIC was trading at $0.38 after declining by 0.84% in the last 24 hours. 

Injective (INJ)

Finally, Injective, which has been on investors’ radar in the past few months, has witnessed massive whale interest as a major move of the asset to cold wallet happened on August 21. According to data, there has been a steady move since then.

The movement of assets from exchanges to cold wallets, according to analysts, reduces selling pressure and triggers a bullish run. In 2023, whales made a significant move of INJ and RNDR tokens to cold wallets, and weeks later, the prices began to surge. In the last year alone, RNDR surged by more than 1000% according to market data. 

Another altcoin that has seen massive activities among whales is Solana (SOL). Recently, a whale purchased around 170,000 SOL ($23 million) in just 24 hours, following reports that this asset has been in the neutral line in the past few weeks, signaling a bullish outlook.

At press time, SOL was trading at $131 after declining by 0.54% in the last 24 hours, 0.65% in the last seven days, and 8% in the last 30 days. 

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