As the crypto market remains uncertain and volatile, some large investors are making moves that have caught the attention of data intelligence firm Santiment. Santiment’s analysis has revealed the top ten crypto projects that have experienced a surge in whale activity. These whales are defined as investors carrying out transactions valued at $100,000 or more. The top three projects leading the pack in terms of increased whale activity are SuperRare, PepeFork, and Stargate Finance, with growth rates of 4,087%, 2,400%, and 2,083% respectively in the past month.
SuperRare is an Ethereum-based platform that focuses on non-fungible tokens (NFTs) and digital art, boasting a native token called RARA with a volume of $22.42 million. PepeFork, on the other hand, is a meme coin project with a trading volume of around $1.67 million. Stargate Finance stands out as a composable liquidity transport bridge for omnichain decentralized finance (DeFi) with a volume of $5.56 million. These projects have seen a significant increase in whale activity, signaling strong interest from large investors.
Following closely behind the top three projects is the Polygon Ecosystem Token (POL). The surge in whale activity for POL can be attributed to the recent token migration on the Polygon network. The network’s native cryptocurrency was upgraded from MATIC to POL, aiming to improve the token’s utility and align with the protocol’s vision of a network of interconnected blockchains. POL witnessed a staggering 1,345% spike in whale activity over the last month.
Carrieverse (CVTX), a web3 gaming metaverse, experienced a 1,000% growth in whale activity, securing its position as the fifth project with the highest increase in whale activity. It was followed by SelfKey (KEY), Tokemak (TOKE), Rally (RLY), Renzo (REZ), and Voxie Tactics (VOXEL). Despite the significant rise in whale activity for these projects, their native token prices have seen a decline over the past thirty days, echoing the bearish sentiment in the market.
Interestingly, major crypto assets like bitcoin (BTC), ether (ETH), Ripple (XRP), Toncoin (TON), and Cardano (ADA) have experienced a decrease in whale activity. While this shift may raise concerns, Santiment suggests that whale behavior often correlates with increased market volatility, indicating that large players are adjusting their positions to capitalize on price fluctuations. The current state of the market reflects the intricate dance between large investors and market dynamics.