- Crypto whales double down on XTZ
- Crypto retail-driven sell-off is well on the way
- Tezos gained 400% since October 1 last year
Tezos News Today – Tezos price made remarkable progress in recent months. It has been a shining star in the altcoin market. Tezos has gained 200% to its value since the beginning of this year. Despite a 40% drop in the last week, the large players in the market have started to buy Tezos from retail investors. Does this mean they are getting ready for another Tezos rally?
Coinbase Custody’s Whale Tezos Delegators Grew During Correction
Tezos has enjoyed a monstrous rally in recent months. The digital asset the cryptocurrency entered the top ten largest assets by market capitalization after gaining 200%. Much of this momentum was because the crypto generates passive income for its investors. Those who participate in staking or delegating Tezos. There has been a recent increase in Tezos delegations on the Coinbase Custody.
Per the report, the largest delegators continue to get bigger and bigger. One crypto analyst suggests that some crypto whales are buying the recent Tezos drop from retail investors. They are doing this to boost their delegations on Coinbase Custody.
Coinbase custody has 12 million XTZ delegations in the last 30 days. Big delegators are getting bigger. While the bulk of retail investors were selling, the bigger players were buying. Now Coinbase Custody is over-delegated once more. In the last month, Coinbase Custody added 12 million XTZ in delegations, which caused the platform to be over-delegated. Coinbase refers to its custody platform as the first full-service, that is comprehensively regulated, and insured as a 100% offline staking provider.
Why Tezos is the Hottest Market Currently
The Coinbase Custody platform caters exclusively to whale investors with huge holdings that need additional insurance and security. It is this set of whale investors that are buying the recent decline across the digital asset market. Volume is essential when you consider trading and investing. It is a sign that assets are trading fine. Volume always precedes price movement.
The most recent market massacre resulted in the highest sum of single-day trade volume in the digital currency market’s history. Following Tezos’ 400% rise since October of last year, when it surged by nearly 1,000% from the bear market bottom, it is no surprise why the whales will be looking to take advantage of the panic-driven decline in the market. Apart from Tezos astronomical gains in the last 4 months the crypto also offers 5% annually via the APY offered by Coinbase.
Considering the momentum that Tezos has behind it, as well as the value that it brings to investors, it could end up becoming one of the best performers.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
