Whale Scoops 2.29M EDEL Tokens Worth $65,000 Amid Edel Finance’s Tokenized Stocks Traction and Investor Buying
Edel (EDEL), a DeFi cryptocurrency powering a decentralized lending protocol (money market) for tokenized assets, is attracting investor attention, according to data reported today by market analyst Lookonchain. The analyst flagged a whale who today spent $65,000 in USDC to purchase 2.29 million EDEL tokens earlier this morning. This deep-pocketed investor’s transaction indicates a strong belief in the EDEL cryptocurrency’s potential capability, an indicator showing where smart money flows to amid the new year.
The transaction reflects the whale’s robust conviction in EDEL, particularly taking into consideration that January is typically a strong period of cryptocurrency markets when big investors choose to increase their investment holdings at the start of the year.
Why the Whale Targets EDEL
The whale’s move to scoop 2.29 million EDEL tokens valued at a massive $65,000 showcases rising investor appetite in the Edel Finance platform. A good indicator of this interest is the token’s price movement. EDEL, which currently trades at $0.03282, has been up 103.7% and 84.6% over the past week and 14 days, respectively, a testimony of user enthusiasm on the DeFi network and investors increasing their buying of EDEL tokens.
The key reason for the user interest in the DeFi token is due to the innovative features of Edel Finance’s platform. Edel is a decentralized, non-custodial lending platform that brings the conventional stock lending market on-chain. Through this approach, the protocol enables investors of tokenized stocks to earn yields on their assets. Rather than going through traditional brokers, customers simply deposit their tokenized stocks on Edel’s permissionless, autonomous platform and earn yields in their wallets.
Edel Finance has emerged as a crucial network for investors and traders to apply Aave’s style decentralized lending and borrowing model in tokenized equities. Edel, which launched its public testnet for on-chain financial markets last month, December 15, has already surpassed 26,000 users on the blockchain network, which allows them to buy various tokenized stocks and lend those assets to earn yields. Users can also borrow tokenized stocks and post them as collateral.
With the tokenized equities narrative gaining significant momentum, the debut of Edel Finance’s blockchain network (in testnet phase) has become a popular gateway that traders and investors use to deploy capital in on-chain equities seamlessly, with enhanced transparency and global accessibility, providing them with lending and borrowing services and yield generation.
This explains why the number of EDEL holders has spiked tremendously, rising from 8,727 to 19,766 in just 3 days, a reflection of a 126% surge, as disclosed today in the data shared by the analyst. This skyrocketing number of customers enrolling in Edel’s platform signifies surging user adoption of the protocol in the crypto community.
The current price of Edel is $0.03282.
Token Accumulation at The Beginning of The Year
The massive EDEL token purchases by the whale (above) show an overview of investment strategies that large investors are currently adopting amid the new year. This acquisition indicates buying pressure from large crypto holders, which is an indication of a bull flag pattern that signals that the uptrend will continue, supported by sustained buying opportunities.
You May Also Like
Doorbraak voor altcoins: SEC keurt Grayscale’s GDLC ETF goed
Fraudulent Token Scheme Smashed as Judge Delivers Crushing $3.34M Blow
