As the crypto market remains turbulent and unpredictable, there is a notable surge in whale activity among large investors. Data intelligence firm Santiment has conducted an analysis revealing the top ten crypto projects experiencing a significant increase in whale activity. In this context, whales are referred to as investors who carry out transactions valued at $100,000 or more.
Leading the pack in terms of rising whale activity are the Ethereum-based SuperRare, PepeFork, and the Arbitrum-based Stargate Finance. SuperRare, a non-fungible token (NFT) and digital art marketplace, has seen a staggering 4,087% growth in the past 30 days. PepeFork, known for its meme coin project, has experienced a 2,400% increase, while Stargate Finance, a composable liquidity transport bridge for omnichain DeFi, has witnessed a growth of 2,083%.
The Polygon Ecosystem Token (POL) has also seen a notable uptick in whale activity, which 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, aiming to enhance the token’s utility and align with the protocol’s vision of an aggregated network of blockchains. POL recorded a 1,345% spike in whale activity over the past 30 days.
Moving beyond the Top Three
Following the top three projects are Carrieverse (CVTX), a web3 gaming metaverse, experiencing a 1,000% increase in whale activity. This trend extends to projects like SelfKey (KEY), Tokemak (TOKE), Rally (RLY), Renzo (REZ), and Voxie Tactics (VOXEL), each showing a surge in whale activity.
Interestingly, despite the rise in whale activity, the prices of most native tokens of these projects have declined over the last thirty days, with some experiencing double-digit plunges. This price movement reflects the overall state of the market and its volatility. Notably, major crypto assets like bitcoin (BTC), ether (ETH), Ripple (XRP), Toncoin (TON), and Cardano (ADA) have also witnessed a decrease in whale activity.
While the declining prices and whale activity raise concerns, Santiment highlights that whale behavior often correlates with heightened market volatility. It indicates when significant players are moving their assets to capitalize on rapid price swings, a common occurrence in the crypto market. This trend underscores the dynamic nature of the crypto market and the role of large investors in shaping its movements.
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