According to recent reports, sharks and whales have been accumulating the top stablecoin, DAI, amidst the market’s volatility. Though April has been a wild ride for the cryptocurrency markets, with values jumping up and down like a rollercoaster, DAI has remained a steady force, attracting the attention of some of the biggest players in the game.
According to the crypto analytical platform Santiment, despite the recent volatility in crypto markets, the top stablecoin DAI is being accumulated by whales and sharks at an impressive rate:
🐳🦈 Even with #crypto markets rollercoastering in April, top #stablecoins like $DAI are being accumulated by sharks & whales. Since $DAI was exchanged for pumping $BTC & $ETH in mid-March, $100k-$10m DAI addresses have added 6.4% of the supply back since. https://t.co/JfQREYLKpW pic.twitter.com/r6zqXb7zo1
— Santiment (@santimentfeed) April 24, 2023
Even as fluctuations in the value of Bitcoin and Ethereum have made headlines, these savvy investors have been quietly scooping up DAI in large quantities.
Notably, DAI has proven to be a valuable asset despite market turmoil, primarily because of its status as a stablecoin backed by the US dollar. While other cryptocurrencies have experienced wild price swings, DAI has remained relatively stable, making it an attractive choice for investors looking for more security in their portfolios.
According to the report, the addresses holding between $100k and $10m worth of the stablecoin have added 6.4% of the supply back to the market, signaling a growing interest in this reliable asset.
DAI was recently exchanged massively for Bitcoin and Ethereum in mid-March as investors capitalized on the rising prices of these popular cryptocurrencies. But even as prices have remained volatile, these investors seem interested in maintaining a healthy supply of DAI in their portfolios.
