Significant token holders have been subtly altering market dynamics across three altcoins: PERP, GRIFFAIN, and MNT.
Recent data from Nansen indicates that whales and major wallets are acquiring millions in tokens, even as prices fluctuate inconsistently.
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PERP Accumulation During Weakness
The top 25 holders of Perpetual Protocol added 1.33 million PERP within the last day. That influx, valued at $409,000, was 25 times the average daily influx. Exchange balances dropped by nearly 3.8%, indicating a move toward self-custody.
This accumulation occurred as PERP’s price decreased to $0.265, before bouncing back to $0.315. This implies that whales took advantage of the dip, aiding in the recovery. However, concentration remains significant, with the top 100 wallets holding 55% of the supply.
GRIFFAIN Whales Take Action
The top 25 holders of GRIFFAIN boosted their balances by 3.45 million tokens in just 24 hours. This move, valued at $135,000, was nearly six times the average daily inflow. Exchange balances dipped slightly, as whale wallets increased by 7.7%.
The price remained close to $0.038, showcasing resilience even as Smart Money reduced holdings by 2.5%. Retail demand absorbed the outflows, while larger holders prepared for potential gains.
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With nearly all supply circulating, whale movements are now a vital indicator.
Smart Money Departs MNT
Mantle (MNT) exhibited the most pronounced divergence. Smart Money wallets transferred $2.33 million to exchanges in 24 hours, reducing balances by 5%. Public figure wallets cut exposure by almost 47%, while whales decreased by 6.8%.
Despite this, MNT’s price increased from $1.67 to $1.71. The market managed to absorb the selling pressure, yet exchange balances slightly rose. This indicates that whales and Smart Money took profits during the rally, leaving retail traders with increased risk.
Implications
Collectively, these three altcoins illustrate how holder behaviors influence price movements beneath the surface. PERP and GRIFFAIN experienced accumulation during dips, signifying strong confidence from large holders.
In contrast, MNT indicated a distribution during strength, serving as a potential alert for short-term traders.
This data is essential for investors monitoring market flows. Tracking the movements of top holders provides a clearer perspective than relying solely on price trends.
