news 
Altcoins with $500M+ Market Cap Sees Rise in Whale Activity
A recent report by Santiment has revealed a significant increase in whale transactions among several prominent altcoins with a market capitalization of over $500 million. The data highlights the notable spikes in whale activity across various blockchain platforms, including BNB, Polygon, and Arbitrum.
According to the findings, MakerDAO’s Dai has taken the top spot, reporting an astonishing 800% surge in whale transactions on these chains. This is not only a remarkable increase but also a stark contrast to the relatively minor 81% rise seen in Ripple’s XRP Ledger.
DeXe, another decentralized finance project, takes the second position with a notable 250% increase in whale transactions. LayerZero, operating on Optimism, has also experienced a substantial 200% growth in transactions. The platform’s interoperable and Decentralized Finance solutions are likely drawing attention from high-staking investors.
Aave, integrated with Polygon, has also seen a 200% surge in transactions, which could be attributed to its strong presence in lending. This significant rise in whale activity may indicate profit-taking or buying during market dips, often preceding major price reversals.
Interestingly, the data highlights increasing attention towards projects involved in blockchain development, such as decentralized exchanges and telecom blockchain initiatives. Telcoin and GateToken have seen a 100% increase in transactions, suggesting that big investors are showing interest in crypto exchanges and telecom blockchain projects.
The report also notes that whale activity often precedes significant market shifts. As the data shows, stablecoins like MakerDAO’s Dai can serve as key indicators of fund movements. This means that whales may be preparing for trading activities ahead of a potential price reversal or market correction.
Notably, this information points to an increasingly important role for whales in the crypto market. Their actions are now closely monitored by analysts and traders alike, as they can significantly influence asset prices.
Source: cryptotale.org
