Altcoin Watch: Mega Whales Are Taking These Alts Off Exchanges
Whales of altcoins Polygon (MATIC), Injective (INJ), and Render (RENDER) have recently shifted their holdings from exchanges to cold wallets, indicating a potentially bullish trend for these assets. On-chain analytics firm Santiment reported significant declines in the Top Exchange/Non-Exchange Wallet Holdings for these altcoins over the past two years. MATIC experienced a notable drop on the 9th of this month, while Render's mega whales transferred large amounts to cold wallets on July 21st, maintaining low exchange ratios since. INJ's shift occurred earlier, on August 21st of last year. This movement suggests that investors may be less inclined to sell, as coins held in exchanges typically indicate potential sell supply. Monitoring this trend is crucial, as any reversal could signal a bearish outlook. Render's current price is approximately $4.8, reflecting an 8% decrease over the past week.
