The crypto world was first introduced to the world when an anonymous investor, commonly known by the name of Satoshi Nakamoto, introduced Bitcoin and its whitepaper in 2009. The main aim of introducing such technology was to open the door for a decentralized finance system within peer to peer networking. However, since the beginning of anything absolutely new has certain thresholds to conquer, Bitcoin too was perceived as a doubtful technology at first. The initial situation, rather, even now the crypto space and its adoption is referred to the journey of how the internet became what it is today. Tech enthusiasts are of the opinion that blockchain and crypto is the future. Not only are they revolutionary to the finance sector, but also a step towards an easy transaction; which can be online gaming to incorporating their various use cases for daily problem solving.
Crypto Crash created Wholecoiners?
The crypto assets, especially the oldest ones, like Bitcoin, Ethereum, etc. who has been there since the very beginning has huge value added to them. The reason for the same is the scarcity of some of the tokens along with the multiple use cases it provides the world with. However, diversifying one’s portfolio is the top advice any seasoned investor or crypto experts give to new investors. While the crypto crash was bringing down the value of some of the top tokens, many crypto assets saw a surge in wallet addresses who has acquired a whole token.
Similar to this, as reported by CoinTelegraph, smaller Bitcoin (BTC) investors have found a unique opportunity during the crypto slump to snap up their favorite cryptocurrency. The number of “wholecoiners” has surged by 40,000 since the June slump alone. However, Bitcoin’s price fell around 27% in May and another 40% in June, the same month that saw 25,389 new wallets holding at least one whole Bitcoin. BTC’s price at the current time of writing is $23,028, which is down 64% from its ATH of $64,400 in November 2021, and the number of wholecoiners is currently at an all-time high of 891,346 as of August 1, 2022.
The number of wallet addresses holding at least 1 #bitcoin has jumped by about 40,000 since the crash started!
A lot of people hitting their whole coin goal! pic.twitter.com/5Lh1hRLKIh
— Lark Davis (@TheCryptoLark) August 2, 2022
Apart from the CoinTelegraph reporting, LookIntoBitcoin; a Bitcoin learning tool platform also reported an interesting fact. According to the report, ‘the number of BTC “wholecoiners” has been steadily increasing since January 31, when the BTC price was around $38,000.’
Additional Read: Crypto Market Crash Reasons
Who are Wholecoiners?
Wholecoiners is a term used to describe crypto token holders who have one whole token of any blockchain. For example; if A owns 3 BTC, that means A is a wholecoiner owning 3 Bitcoins.
Crypto Market Crash 2022
The crypto space has seen a massive adoption all around the globe since Bitcoin was introduced to the world. From various altcoins to numerous projects built on blockchain technology, the world now has more than 12,000 crypto assets available to them. Since the crypto assets harbor a volatile market, it is not new to various sessions of bull and bear runs. The year 2022 has been a rollercoaster for crypto enthusiasts, given the journey it has had so far. However, the crypto market crash that started since we saw the Terra LUNA crash has held its position so far. This prolonged bear run has also been termed as ‘Crypto Winter’ by the crypto community.
Additional Read: Solana Wallets Hacked