In the ever-changing world of cryptocurrency, one thing remains constant – the presence of whales. These large investors, known for executing transactions valued at $100,000 or more, play a crucial role in shaping the market. According to data intelligence firm Santiment, the top ten crypto projects with the highest increase in whale activity have been revealed.
Among the projects with the most significant surge in whale activity are Ethereum-based SuperRare, PepeFork, and Arbitrum-based Stargate Finance. SuperRare, a non-fungible token (NFT) and digital art marketplace, recorded a staggering 4,087% growth in the past 30 days. PepeFork, a meme coin project, followed closely behind with a 2,400% increase, while Stargate Finance, a composable liquidity transport bridge for omnichain decentralized finance (DeFi), saw a remarkable 2,083% growth.
The Polygon Ecosystem Token (POL) is another project that experienced a notable spike in whale activity. This surge can be attributed to a recent token migration on the Polygon network. The migration involved upgrading the network’s native cryptocurrency from MATIC to POL to enhance its utility and align with the protocol’s vision of an aggregated network of blockchains. As a result, POL witnessed a significant 1,345% increase in whale activity over the past month.
The list of projects with rising whale activity also includes Carrieverse (CVTX), a web3 gaming metaverse, which saw a 1,000% growth in whale activity. This was followed by SelfKey (KEY), Tokemak (TOKE), Rally (RLY), Renzo (REZ), and Voxie Tactics (VOXEL). Despite the impressive surge in whale activity, the prices of the native tokens of these projects have experienced a decline in the last thirty days, with some facing double-digit losses.
Interestingly, while these projects have seen an increase in whale activity, major crypto assets such as bitcoin (BTC), ether (ETH), Ripple (XRP), Toncoin (TON), and Cardano (ADA) have witnessed a decline in whale activity. This trend, although concerning, is not entirely unexpected. Santiment noted that whale behavior tends to align with heightened market volatility, as large players often move their assets to capitalize on rapid price swings.
The rise of whale activity in the crypto market signifies a shifting landscape where large investors continue to play a significant role. While the prices of some projects may have dipped, the presence of whales indicates ongoing interest and investment in the space. As the market evolves and adapts to changing conditions, the influence of whales is likely to remain a key factor in shaping its trajectory.
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