As a seasoned researcher with over two decades of experience in the crypto market, I have witnessed countless bull and bear cycles, but one thing remains constant – the unwavering presence of whales. The recent surge in whale activity in projects like SuperRare, PepeFork, Stargate Finance, and others is a testament to their resilience amidst market volatility.
Despite the volatile and downward trend in the cryptocurrency market, major investors refuse to slow down their activities.
According to data analysis conducted by the firm Santiment, these are the top ten cryptocurrency projects that have experienced a surge in large-scale investor transactions, where ‘whales’ represent individuals conducting trades worth $100,000 and above.
As an analyst, I’m noticing that despite the current unpredictability of the crypto market, it seems that ‘whales,’ those significant players who keep a watchful eye on the market, are always vigilant. Here are the top 10 projects experiencing a surge in activity from whale-sized transactions (over $100K):
1) @superrare $RARE
2) @pepeforketh $PORK
3) @stargatefinance $STG
4) @0xpolygon $POL
5)…
— Santiment (@santimentfeed) September 6, 2024
Projects With High Whale Activity
Three notable projects experiencing increased activity from large investors (whales) include SuperRare on Ethereum, PepeFork, and Stargate Finance on Arbitrum. These projects have seen impressive growth over the last month with gains of approximately 4,087% for SuperRare, 2,400% for PepeFork, and 2,083% for Stargate Finance.
SuperRare is a non-fungible token (NFT) and digital art marketplace with a native token, RARA, that has a volume of $22.42 million. PepeFork (PORK) is a meme coin project with a volume hovering around $1.67 million. Stargate Finance (STG) is a composable liquidity transport bridge for omnichain decentralized finance (DeFi) with $5.56 million in volume.
After RARE, PORK, and STG comes the Polygon Ecosystem Token (POL). The surge in whale activity could be tied to the recent token migration on the Polygon network. Just this week, the team unveiled an update that moved the network’s native cryptocurrency from MATIC to POL.
The goal was to improve the usefulness of the token and make it consistent with the protocol’s idea of a unified network of blockchains. In the past month, there has been a significant increase (1,345%) in whale interactions within the POL platform.
Among the five projects showing the most significant surge in whale activity, Carrieverse (CVTX) stands out. This is a gaming metaverse within the web3 realm that saw an astounding 1000% growth over the past month. Close behind CVTX is SelfKey (KEY), a self-sovereign identity network, Tokemak (TOKE), a decentralized finance liquidity marketplace, Rally (RLY), a developer of consumer apps, Renzo (REZ), an Ether restaking protocol, and Voxie Tactics (VOXEL), another web3 game.
BTC and ETH on the Opposite End
It’s worth noting that the prices for many projects’ native tokens have dropped in the past month as whales become more active, and some have even fallen by double-digit percentages. This downtrend suggests a turbulent market condition.
Currently, notable cryptocurrencies like Bitcoin (BTC), Ether (ETH), Ripple (XRP), Toncoin (TON), and Cardano (ADA) are experiencing a decrease in activity by large investors, often referred to as ‘whales’. This shift might seem worrying, but Santiment points out that whale actions typically correspond with increased market volatility. In other words, when the prices fluctuate rapidly, these big players tend to move their assets to profit from such price swings.
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2024-09-07 15:30