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.
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The post Over 90% of Exchange Altcoin Supply Held by Whales Despite Correction From All-Time High: Analytics Firm IntoTheBlock appeared first on The Daily Hodl.
