Ripple Whales With at Least 10 Million XRP Reach an All-Time High as Spark Token Airdrop Looms
Brian Njuguna Dec 11, 2020 08:46
With the Spark token airdrop by Flare Networks scheduled for tomorrow, Ripple addresses holding more than 10 million tokens broke the record at 339.
With the free spark token giveaway by Flare Networks scheduled for tomorrow, Ripple (XRP) whales have been keeping a keen eye on this airdrop as the number of Ripple addresses has reached an all-time high (ATH).
New data by Santiment reveals that Ripple addresses holding more than 10 million tokens have broken the record at 339.
Crypto whales are smashing records
The on-chain data provider took to Twitter to disclose this milestone, suggesting that XRP whales could be smiling all the way to the bank. Santiment tweeted:
“Leading up to tomorrow's SPARK airdrop, Ripple's addresses have grown rapidly. Particularly, addresses with 10M or more tokens (currently $5.67M or more) have risen to an ATH of 339. This looks promising for the tier that has the most XRP at stake.”
With the crypto market undergoing a price frenzy in recent weeks, the number of crypto whales has been tagging along by hitting record highs. For instance, Bitcoin (BTC) whales linked to crypto wallets holding more than 10,000 BTC have surged to 111 by mid-November. Furthermore, the number of Chainlink (LINK) whales holding more than 1,000 LINK grew by more than 445 in November.
The growing number of Ripple whales shows the third-largest cryptocurrency based on market capitalization is not being left behind in this crypto bandwagon.
XRP holders to benefit from Spark token
Ripple holders who have locked in their XRP funds in anticipation of the Spark token airdrop are expected to gain in profit.
Precisely, Flare Networks, a smart contract utility fork of Ripple, is hosting the cryptocurrency giveaway to promote FLR tokens, which will greatly benefit XRP holders, given that they will receive free Spark tokens on a 1:1 ratio based on their Ripple funds.
Furthermore, Flare Networks will be able to keep a record and track how much XRP a given investor holds through a scheduled "snapshot" in order to distribute Spark (FLR) tokens to Ripple holders at a later date.
Based on this concept, Ripple whales are expected to be the largest beneficiaries. This, therefore, explains their record-breaking number.
Image source: Shutterstock