Crypto whales are buying up the supply of one exchange altcoin despite the asset’s significant price correction in the past month.
Digital asset analytics firm IntoTheBlock reports that “large holders” own 93% of the supply of Crypto.com Coin (CRO), the cryptocurrency that powers the Crypto.com platform.
Crypto.com Coin surged to an all-time high of nearly $0.97 in late November on the heels of an announcement that the iconic Staples Center in Los Angeles was rebranding to Crypto.com Arena.
CRO has since corrected and is currently trading around $0.57.
IntoTheBlock considers “large holders” as entities that hold at least 0.1% of CRO’s circulating supply. The asset’s current circulating supply is roughly 25.2 billion CRO, meaning 0.1% is 25.2 million CRO, worth about $14.347 million.
The crypto analytics firm also adds that 71% of Crypto.com token investors are currently in profits on their CRO investments, compared to 7% who are even and 22% who’ve lost money.
Looking at the composition of holders by time held, IntoTheBlock shows that 28% of addresses have been holding CRO for more than 1 year, 49% have been holding the token for between 1-12 months, and 23% of addresses have been holding CRO for less than one month.
The analytics firm also notes that $100.44 million worth of CRO has flowed onto exchanges in the past week, compared to $157.26 million CRO that has flowed off exchanges over the same period.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Leonid studio/Sensvector
Credit: Source link
