- Ethereum-based altcoin project witnesses significant whale accumulation, accounting for nearly 10% of its total supply.
- On-chain data reveals the concentration of RCH Token (RCH) in the hands of a few large holders.
- According to Lookonchain, the top five holders possess 9.55% of the total supply, valued at $7.71 million, or 2.387 million RCH.
Find out how Ethereum-based RCH Token’s whale control impacts market movements and potential risks.
Whale Dominance in RCH Token Raises Market Concerns
Significant data from on-chain analytics platform Lookonchain has revealed that large holders, often referred to as ‘whales,’ have acquired nearly 10% of the total RCH Token supply. This considerable accumulation by a few entities poses potential market risks, influencing volatility and price stability.
Potential for Profit-Taking Still Unmanifested
The top five RCH investors hold an average entry price of $0.88, amassing a collective profit of approximately $5.6 million due to recent price surges. Despite these gains, no significant profit-taking activity has been observed to date. The concentration of 9.55% of the token in just five wallets could lead to substantial market impact should these whales decide to liquidate their holdings.
RCH Token Price Surge and Market Behavior
RCH Token was launched on June 7, initially priced at $0.23. Within just two days, it surged by an impressive 1500%, soaring to $3.9. This dramatic price movement underscores the high volatility typical of nascent altcoin projects. However, recent data from CoinGecko shows a 3% decline in the past 24 hours, with RCH trading at $2.69 at the time of writing.
Conclusion
The substantial accumulation of RCH Token by a minimal number of whales suggests potential market manipulation risks and significant price volatility. Investors should exercise caution, monitoring for any signs of large-scale profit-taking that could precipitate sudden price drops. Staying informed and vigilant is crucial in navigating the dynamic and often unpredictable crypto markets.
