Large token holders have been quietly reshaping market flows across three altcoins: PERP, GRIFFAIN, and MNT.
Recent data from Nansen reveals that whales and top wallets are accumulating millions in tokens, even as prices fluctuate. The actions of these large holders are crucial in understanding the underlying dynamics of the current altcoin market, especially amidst various market pressures.
PERP Accumulation Into Weakness
Perpetual Protocol (PERP) has seen significant activity among its top 25 holders, who have amassed an impressive 1.33 million PERP in just one day. This inflow, valued at around $409,000, is a staggering 25 times the daily average. Furthermore, exchange balances for PERP have dropped by nearly 3.8%, indicating a trend where tokens are being moved into self-custody rather than remaining on exchanges.
As PERP’s price saw a dip down to $0.265 before rebounding to $0.315, it appears that these whales took the opportunity to buy into weakness, propelling the recovery. However, it is noteworthy that concentration is high; the top 100 wallets hold a commanding 55% of PERP’s total supply. This level of ownership raises questions regarding market volatility driven by the actions of a few major players.
GRIFFAIN Whales Step In
In a similar trend, GRIFFAIN has experienced a notable increase in whale activity, with top 25 holders adding 3.45 million tokens over a 24-hour period. This influx, valued at around $135,000, represents an impressive nearly six times the average daily inflow. Following this accumulation, exchange balances have seen a slight decline, while the total balances held by whale wallets have increased by 7.7%.
Throughout this period, GRIFFAIN’s price has stabilized around $0.038, showcasing resilience amid market fluctuations. While Smart Money entities trimmed their holdings by 2.5%, retail demand has absorbed the outflows, indicating that larger holders are positioning themselves favorably for potential upside. Almost all of GRIFFAIN’s supply is now in circulation, making the movements of these whales a significant indicator for future price action.
Smart Money Exits MNT
Meanwhile, Mantle (MNT) has shown a contrasting reaction, with Smart Money wallets transferring a substantial $2.33 million to exchanges within a 24-hour period, resulting in a 5% reduction in their balances. Public figure wallets dramatically decreased their exposure by nearly 47%, while whales saw a drop of 6.8% in holdings.
Interestingly, despite these withdrawals, MNT’s price increased from $1.67 to $1.71. This price rise indicates that the broader market managed to absorb the selling pressure. However, the increase in exchange balances suggests that whales and Smart Money players may have leveraged the rally to take profits, potentially leaving retail traders exposed to heightened risk as they hold their positions.
What It Means
The activities across PERP, GRIFFAIN, and MNT illustrate how the behavior of large holders can dramatically influence price action beneath the surface. While PERP and GRIFFAIN’s recent accumulation signals a level of confidence from substantial holders, MNT’s distribution indicates caution or profit-taking—a potential warning for those trading in the short term.
This kind of data remains essential for investors who aim to track market flows. Observing the capital movements of top holders provides a nuanced and informative perspective that transcends mere price analysis, helping traders and investors forecast potential market shifts.
