The crypto analytics firm Santiment says one altcoin’s ascent appears to be fueled by crypto whales.
In a new report, Santiment says that while Ren Protocol (REN) was slowly ascending in January of 2021, certain metrics behind-the-scenes indicated that the altcoin would soar to new heights down the road.
The interoperability blockchain liquidity asset has since made new highs this week, soaring past $1.
According to Santiment’s findings, this February rise is in part due to Ren accumulation by whale addresses holding 1 million or more Ren.
Data shows that there was a steep increase in Ren whale holders starting from the end of January into mid-February.
Additionally, Santiment reports that the number of unique Ren addresses holding any amount of the token has also been steadily climbing upward, especially over the past month.
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