These crypto projects are experiencing the biggest increase in whale activity

Although the crypto market remains unpredictable and continues to fall, big investors are not letting up in their activities.

Analysis by data intelligence firm Santiment has revealed the top ten crypto projects with the highest increase in whale activity. In this context, whales refer to investors who execute trades valued at $100,000 or more.

Crypto markets may be unpredictable at the moment, but whales never fully sleep. Here are the 10 projects that have seen the biggest increase in whale activity (transaction amount over $100,000):

1) @superrare $ RARE
2) @pepeforketh $ PORK
3) @stargatefinance $STG
4) @0xpolygon $POL
5)… pic.twitter.com/qApQfpVNJk

— Santiment (@santimentfeed) September 6, 2024

Projects with high whale activity

The top three projects with growing whale activity are Ethereum-based SuperRare, PepeFork, and Stargate Finance, with growth of 4,087%, 2,400%, and 2,083% in the last 30 days.

SuperRare is a non-fungible token (NFT) and digital art marketplace with a native token, RARA, that has a volume of $22.42M. PepeFork (PORK) is a meme coin project with a volume around $1.67 million. Stargate Finance (STG) is a composable liquidity transport bridge for omnichain decentralized finance (DeFi) with a volume of $5.56M.

After RARE, PORK and STG is the Polygon Ecosystem Token (POL). The increase in whale activity may be related to the recently concluded token migration in the Polygon network. Earlier this week, the team released an update that migrated the network’s native cryptocurrency from MATIC to POL.

It was intended to improve the utility of the token and align with the protocol’s vision of an aggregate network of blockchains. POL witnessed a 1,345% increase in whale activity in the last 30 days.

The fifth project with the highest increase in whale activity is Carrieverse (CVTX), a web gaming metaverse3, which recorded 1,000% growth in the last 30 days. CVTX was followed by self-sovereign identity network SelfKey ( KEY ), DeFi liquidity marketplace Tokemak ( TOKE ), consumer app developer Rally ( RLY ), Ether restaking protocol Renzo ( REZ ), and web game3 Voxie Tactics (VOXEL). ).

BTC and ETH at the opposite end

Interestingly, the prices of most of the native tokens in these projects with increasing whale activity have declined over the past thirty days, with some dropping by double digits, a reflection of the state of the market.

Meanwhile, major crypto assets including bitcoin (BTC), ether (ETH), Ripple (XRP), Toncoin (TON) and Cardano (ADA) have seen a significant decline in whale activity. While this trend can be cause for concern, Santiment noted that whale behavior typically aligns with increased market volatility and reveals when large players move their assets to capitalize on rapid price changes.

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