Large token holders have been quietly reshaping market flows across three altcoins: PERP, GRIFFAIN, and MNT.
Recent Nansen data shows whales and top wallets accumulating millions in tokens, even as prices moved unevenly.
SponsoredPERP Accumulation Into Weakness
Perpetual Protocol’s top 25 holders added 1.33 million PERP in the past day. That inflow, worth $409,000, was 25 times the daily average. Exchange balances fell by almost 3.8%, pointing to withdrawals into self-custody.
The accumulation came as PERP’s price dipped to $0.265, before rebounding to $0.315. This suggests whales bought into weakness, driving the recovery. However, concentration remains high, with the top 100 wallets controlling 55% of supply.
GRIFFAIN Whales Step In
GRIFFAIN’s top 25 holders increased balances by 3.45 million tokens over 24 hours. The move, worth $135,000, was nearly six times the average daily inflow. Exchange balances declined slightly, while whale wallets rose 7.7%.
The price held near $0.038, showing resilience despite Smart Money trimming 2.5% of holdings. Retail demand absorbed the outflows, while larger holders positioned for upside.
With almost all supply in circulation, whale flows are now a critical signal.
Smart Money Exits MNT
Mantle (MNT) showed the sharpest divergence. Smart Money wallets sent $2.33 million to exchanges in 24 hours, cutting balances by 5%. Public figure wallets slashed exposure by nearly 47%, while whales dropped 6.8%.
Despite this, MNT’s price rose from $1.67 to $1.71. The market absorbed selling pressure, but exchange balances inched higher. This suggests whales and Smart Money used the rally to take profits, leaving retail traders holding risk.
What It Means
Together, the three altcoins show how holder behavior drives price action beneath the surface. PERP and GRIFFAIN saw accumulation into dips, signaling conviction from large holders.
MNT, by contrast, highlighted distribution into strength, a potential warning for short-term traders.
This data remains critical for investors tracking market flows. Following where top holders move capital offers a clearer picture than price alone.
