{"id":20164,"date":"2023-04-24T12:23:53","date_gmt":"2023-04-24T12:23:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/dai-whales-and-sharks-have-added-6-4-of-supply-in-6-weeks\/"},"modified":"2023-04-24T12:23:53","modified_gmt":"2023-04-24T12:23:53","slug":"dai-whales-and-sharks-have-added-6-4-of-supply-in-6-weeks","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/dai-whales-and-sharks-have-added-6-4-of-supply-in-6-weeks\/","title":{"rendered":"DAI whales and sharks have added 6.4% of supply in 6 weeks"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682336266145-4dbf6d64-415f-45ba-bdaf-3dd888b21b4e-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682336266145-4dbf6d64-415f-45ba-bdaf-3dd888b21b4e-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682336266145-4dbf6d64-415f-45ba-bdaf-3dd888b21b4e-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1682336266145-4dbf6d64-415f-45ba-bdaf-3dd888b21b4e-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">DAI stablecoin holders are adding to positions as crypto prices range.<\/li>\n<li dir=\"ltr\">Addresses with 100k-10 million DAI added 6.4% of supply in the past six weeks.\u00a0<\/li>\n<li dir=\"ltr\">The overall holdings for this cohort had dropped significantly as Bitcoin and Ethereum prices pumped in mid-March, Santiment data shows.<\/li>\n<\/ul>\n<p dir=\"ltr\">On-chain data shows large investors, the sharks and whale addresses with $100,000 to $10,000,000 worth of <a href=\"https:\/\/coinjournal.net\/news\/tag\/dai\/\">DAI<\/a> have recently added to their positions. Addresses with 100,000-1 million DAI hold over 13% of supply while those with 1 million- 10 million DAI currently hold over 25% of supply.<\/p>\n<h2 dir=\"ltr\">Whales buy DAI stablecoin as markets range<\/h2>\n<p dir=\"ltr\">As the crypto markets see fresh volatility, market data provider Santiment has <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1650378871764815872\" rel=\"noopener noreferrer\" target=\"_blank\">highlighted<\/a> that after the rotation that followed <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\">Bitcoin<\/a> and Ethereum prices pumping in mid-March, sharks and whales have added 6.4% of DAI.<\/p>\n<p dir=\"ltr\">\u201c<em>Even with crypto markets rollercoastering in April, top stablecoins like $DAI are being accumulated by sharks &amp; whales. Since $DAI was exchanged for pumping $BTC &amp; $ETH in mid-March, $100k-$10m DAI addresses have added 6.4% of the supply back since<\/em>,\u201d Santiment <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1650378871764815872\" rel=\"noopener noreferrer\" target=\"_blank\">noted<\/a>.<\/p>\n<p dir=\"ltr\">As of 23 April 2023, addresses with $100k- $1 million in DAI held 13.43% of the stablecoin\u2019s supply, while addresses with $1 million-$10 million of DAI held about 25.53% of current supply. These cohorts have increased their buying power since their holdings bottomed out around mid-March, on-chain data showed.<\/p>\n<p dir=\"ltr\">The<a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1650378871764815872\/photo\/1\" rel=\"noopener noreferrer\" target=\"_blank\">\u00a0<u>chart<\/u><\/a> below that Santiment shared on Twitter indicates the above scenario.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 600px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/03\/24\/1682335698146-b0e01e87-97d2-4ba1-ab8e-ead361af189a.jpg\" style=\"width: 600px\" class=\"fr-fic fr-dib\" width=\"600\" height=\"361\"\/><span class=\"fr-inner\"><em>Dai stablecoin whale and sharks holdings. Chart courtesy of Santiment on Twitter<\/em><\/span>\u00a0<\/p>\n<p><\/span><\/span><\/p>\n<h2 class=\"fr-img-space-wrap2\">What is Dai (DAI)?<\/h2>\n<\/div>\n<p dir=\"ltr\">DAI is the native stablecoin for major lending protocol <a href=\"https:\/\/coinjournal.net\/news\/tag\/maker\/\">Maker<\/a>, whose governance token <a href=\"https:\/\/coinjournal.net\/maker\/\">MKR<\/a> currently trades around $688. Dai is the first decentralised, crypto-collateralised stablecoin, with its value pegged 1:1 to the US Dollar.<\/p>\n<p dir=\"ltr\">One of the benefits of Dai is with its use in mitigating price volatility in a crypto market where digital asset prices can swing wildly at any given time. \u00a0The token is also highly composable with dApps, including DeFi industry\u2019s leading projects Uniswap and Compound.<\/p>\n<h2 dir=\"ltr\">What does whales\u2019 buying of DAI mean for crypto prices?<\/h2>\n<p dir=\"ltr\">Typically, large whale transactions involving stablecoins has preceded major accumulation of crypto tokens such as Bitcoin and Ethereum. This is so because buying of stablecoins such as DAI, <a href=\"https:\/\/coinjournal.net\/tether\/\">Tether<\/a> and USD Coin have usually indicated whales positioning of money in readiness for buying.<\/p>\n<p dir=\"ltr\">BTC and ETH prices have recently retreated from highs above $31k and $2.1k respectively as those who bought at the top seemingly sell.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/dai-whales-have-added-6-4-of-stablecoins-supply-since-mid-march\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) DAI stablecoin holders are adding to positions as crypto prices range. Addresses with 100k-10 million DAI added 6.4% of supply in the past six weeks.\u00a0 The overall holdings for this cohort had dropped significantly as Bitcoin and Ethereum prices pumped in mid-March, Santiment [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":20165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20164"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=20164"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/20165"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=20164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=20164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=20164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}