The cryptocurrency market has been known for its volatility, and as it continues to experience dips and unpredictable movements, large investors are still actively involved in the space. Data intelligence firm Santiment recently conducted an analysis revealing the top ten crypto projects that have seen a significant increase in whale activity. These whales are investors who execute transactions valued at $100,000 or more, and their movement in the market can have a substantial impact on prices and trends.
Among the top three projects with the highest rise in whale activity are SuperRare, PepeFork, and Stargate Finance. SuperRare, an Ethereum-based platform for non-fungible tokens (NFTs) and digital art, saw a staggering 4,087% growth in whale activity over the past 30 days. PepeFork, a meme coin project, followed closely with a 2,400% increase, while Stargate Finance, an Arbitrum-based liquidity transport bridge for decentralized finance (DeFi), experienced a 2,083% surge. These projects have shown significant growth in volume, attracting the attention of large investors looking to capitalize on the market movements.
The Polygon Ecosystem Token (POL) also saw a notable increase in whale activity, likely linked to a recent token migration on the Polygon network. The migration aimed to enhance the token’s utility and align with the network’s vision of an interconnected blockchain ecosystem. As a result, POL witnessed a 1,345% spike in whale activity, showcasing the impact of network upgrades on investor behavior.
Carrieverse (CVTX), a web3 gaming metaverse, saw a 1,000% growth in whale activity, indicating diversification in the market beyond traditional projects. Other projects like SelfKey (KEY), Tokemak (TOKE), Rally (RLY), Renzo (REZ), and Voxie Tactics (VOXEL) also witnessed an increase in whale activity, showcasing the growing interest in different sectors within the crypto space.
Despite the rise in whale activity, most of the native tokens of these projects have experienced price declines over the past thirty days, with some seeing double-digit plunges. This reflects the overall state of the market, where volatility and uncertainty continue to impact prices. Additionally, major cryptocurrencies like bitcoin, ether, Ripple, Toncoin, and Cardano have seen a decrease in whale activity, highlighting the shifting investor behavior in response to market conditions.
The rise of whale activity in top crypto projects underscores the importance of monitoring investor behavior and market trends. While price movements may be influenced by large players, it is essential to consider the broader market dynamics and macroeconomic factors that contribute to the overall volatility in the crypto space.