Two Ethereum-Based DeFi Altcoins Spark Sudden Rallies After Whale Purchases: On-Chain Data

Two Ethereum (ETH)-based decentralized finance (DeFi) altcoins are rallying after whales scooped up large amounts of the projects’ tokens, according to the crypto tracker Lookonchain.

Lookonchain reports that the governance token of decentralized exchange (DEX) aggregator 1inch (1INCH) is up double digits after a large purchase.

According to Lookonchain, a wallet associated with the investment fund behind the 1inch DEX just bought 7.96 million 1INCH valued at $1.75 million. Since July 5th, the wallet has bought a combined 22.4M 1INCH valued at  $5.49 million at an average price of $0.25.

1INCH is trading for $0.28 at the time of writing, up more than 26% in the last 24 hours. It has a market cap of more than $358.9 million.

Next up, Lookonchain says that one whale just accumulated more than $6 million of the governance token for the lending protocol Aave (AAVE). AAVE is trading for $137 at time of writing, up 12.5% in the last 24 hours, and has a market cap of $2.05 billion.

“This whale bought 50,604 AAVE ($6.78 million) again [September 4th] and currently holds 125,605 AAVE ($16.9 million) with an average buying price of $134.6.”

Lookonchain notices another deep-pocketed investor has been buying huge amounts of Bitcoin (BTC) between September 2nd and September 4th.

“A whale bought 545 BTC ($30.82 million) again after the BTC price dropped! This whale has bought 862 BTC ($49 million) from the bottom at an average price of $56,993 in the past three days.”

Bitcoin is trading for $58,399 at time of writing.

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