Whales have again made $ASTER a hot target as one of the most fiercely hoarded assets in the market. On-chain tracking company Spot On Chain reported that a big whale wallet, known as 0xFB3, has hoarded 50 million $ASTER, worth approximately an estimated 105 million dollars. This was following another withdrawal of 26 million tokens worth about $59 million on Gate.io over the past 24 hours.
Statistics indicate that there were three large inflows made into the wallet of the whale in the last day: 4 million of ASTER (9.2M), 13 million of ASTER (29.1M), and 9 million of ASTER (20.7M) of Gate.io hot wallets.
The following massive, consecutive buys and sells emphasize intensive accumulation policy, placing the whale at the top of the token ownership list.
Another Whale Joins the $ASTER Accumulation Trend
One investor alone is not the only one who has taken the wave of interest in $ASTER. Spot On Chain also announced that a second whale wallet, which was 0x5bd, withdrew 1.56 million $ASTER ($3.52 million) off of Bybit. This wallet is currently 8.28 million $ASTER at roughly 17.4 million. Although the accumulation is smaller than those of whale 0xFB3, the presence of the accumulation proves a trend of large investors moving significant portions of their capital to the token.
$62.5 Million Added in 24 Hours
Combined these two whales have contributed an additional 62.5 million dollars worth of $ASTER in the past 24 hours alone. This kind of coordinated behaviour in whales is not only an indication of great belief in the future performance of the token but also acts as a stimulus to the market speculation.
Massive inflows such as those usually come before volatility and traders look at the possibility of an upsurge of movements influenced by whale demand.
Yesterday’s Activity Set the Stage
This recent purchasing spree comes after activity was reported only one day prior where whale 0xFB3 had been actively transferring money around. On September 24, the whale dumped 73.95 million USDT in Gate.io and started cashing out large quantities of the token. The inflows at that time was 24 million $ASTER and 9.7 million $ASTER.
A steady accumulation over a series of days reflects a steady purchase trend, not one of a few grabbing trades. It also points out the whale tactic where they were using centralized exchanges to continuously acquire holdings as they stored funds on-chain.
Market Impact and Speculation
Whale wallets containing a total of 58.3 million $ASTER (more than $122 million), however, are turning the market to the next one to watch keenly. Aster has already experienced a major price move, and past reports indicated a 38 percent increase in one day.
It is yet to be determined whether these whale actions represent a long-term-fundamental bet or an effort to follow short-term-momentum, but the magnitude of these deals would keep all the crypto market focused on the asset.
