Whale dtht, with $2.4M in assets, spent 65,000 $USDC to buy 2.29M $EDEL 11 hours ago.

Edel Finance(@edeldotfinance) has surpassed 26K users on its testnet.

Meanwhile, $EDEL holders surged from 8,727 to 19,766 in just 3 days, a 126% increase.

This case is quite interesting because it sits right at the intersection of relatively small on-chain flows from the “right” type of participant and rapidly improving community sentiment, rather than a classic large-capital whale move.
The dtht wallet currently manages around USD 2.4 million in assets—not a mega whale, but clearly an experienced wallet with a long on-chain history. Spending 65,000 USDC to purchase roughly 2.29 million EDEL via KyberSwap was done in a single transaction, without splitting orders or testing liquidity first. This suggests a decision made with a certain level of conviction, rather than a probing buy. Relative to the wallet’s total portfolio, this is neither an all-in move nor a casual, insignificant trade—it sits firmly in the range of a deliberate early narrative bet.
On its own, this transaction is not strong enough to draw firm conclusions. The more important part lies in the broader picture. Within just three days, the number of EDEL holders increased from 8,727 to 19,766—an increase of over 126%. This is an exceptionally high holder growth rate in a short period, especially for a token that has not yet entered a mainnet phase or secured major listings. Such growth typically does not come from a handful of whales accumulating aggressively, but from a broad base of smaller wallets buying in with modest position sizes. That points to narrative-driven diffusion rather than short-term supply manipulation.
At the same time, Edel Finance reported that its testnet has surpassed 26,000 users. The synchronization between testnet user growth and holder growth is a relatively “clean” signal. Many projects see holder counts rise without any corresponding increase in users, which is usually pure speculation. Here, at least from a data standpoint, the usage narrative is moving alongside token ownership, even though the quality of those users cannot yet be fully assessed.
One additional point to note is that EDEL’s current market size remains relatively small, while the number of transactions and transfers has already exceeded 600,000. This indicates that the token is circulating actively rather than being locked up in a few large wallets. At an early stage, this is both an opportunity and a risk. The opportunity lies in rapid community expansion; the risk is that fast-growing holder counts may include many weak hands, which could create sell pressure if sentiment reverses.
Returning to the behavior of the dtht wallet, entering at a time when holder growth is accelerating but price has not yet gone parabolic suggests a narrative-adoption entry rather than pump-chasing. Wallets of this type are typically willing to tolerate short-term volatility in exchange for exposure to a testnet → mainnet → incentives or airdrop narrative that may later be repriced by the market.
In summary, this is not “whale accumulation” in the traditional sense, but rather early, sentiment-driven positioning. The capital involved is not large, but it comes from an experienced wallet and appears at a moment when both user and holder metrics are expanding rapidly. In that context, EDEL sits in a zone where risk is no longer minimal, but narrative upside remains, provided that user growth is genuine rather than purely cosmetic.