Whales Of These Altcoins Have Been Moving Into Self-Custody Recently

Introduction

On-chain data shows the whales of these altcoins have been shifting their supply from exchanges to cold wallets recently, a sign that may be bullish for their prices. In a new post on X, the on-chain analytics firm Santiment has discussed the trend in the Top Exchange/Non-Exchange Wallet Holdings for three altcoins: Polygon (MATIC), Injective (INJ), and Render (RENDER).

Polygon (MATIC)

According to Santiment’s data, the whales holding MATIC have been moving their tokens from exchanges to non-exchange wallets. This indicates a shift towards self-custody and a long-term investment strategy. This could be seen as a bullish sign for MATIC’s price, as whale activity often influences market sentiment.

Injective (INJ)

Similarly, whales of INJ have been transferring their tokens to cold wallets, reducing the supply available on exchanges. This movement suggests that large investors are confident in the project’s future prospects and are choosing to hold their tokens off exchanges. This could potentially lead to price appreciation as demand outweighs supply.

Render (RENDER)

The trend of whales moving RENDER tokens into non-exchange wallets has also been observed. This could be interpreted as a vote of confidence in the project’s development and potential growth. As more tokens are held in self-custody, the circulating supply on exchanges decreases, which may lead to a price increase in the future.

Impact on Individuals

For individual investors holding MATIC, INJ, or RENDER tokens, the shift of whales into self-custody could have a positive impact on their portfolio. As whale activity often precedes price movements, this trend may signal a future price increase for these altcoins. It is important for investors to stay informed about on-chain data and whale behavior to make informed decisions about their investments.

Impact on the World

The movement of whale holdings from exchanges to cold wallets could have broader implications for the cryptocurrency market as a whole. This trend may signal a growing interest from institutional investors in altcoins like MATIC, INJ, and RENDER. As more large investors choose to hold their tokens off exchanges, it could contribute to a bullish market sentiment and attract new capital into the space.

Conclusion

In conclusion, the recent shift of whale holdings from exchanges to self-custody wallets for altcoins like MATIC, INJ, and RENDER is a positive sign for the long-term prospects of these projects. This trend indicates growing confidence from large investors and could potentially lead to price appreciation in the future. As individuals and the broader market pay attention to on-chain data, we may see increased interest and investment in these altcoins.