Altcoins with $500M+ Market Cap Sees Rise in Whale Activity

• MakerDAO’s Dai leads with an 800% rise in whale transactions across BNB, Polygon, and Arbitrum.
• DeXe, Aave, and LayerZero saw 200%+ spikes, signaling increased investor interest.
• Increased whale transactions often hint at market reversals and market shifts in altcoins.

Recent data highlights a significant increase in whale transactions among several prominent altcoins. According to Santiment, cryptocurrencies with $500 million or more in market capitalization have shown notable spikes in activity. The projects experiencing the largest increases in transactions exceeding $100,000 are gaining attention for their potential market impact.

MakerDAO’s Dai, particularly on the BNB chain, saw an 800% surge in whale transactions this week. This marks the highest activity among all tracked altcoins. Dai witnessed big spikes in activity on Arbitrum and Polygon, up 182% and 66%, respectively. Stablecoins like Dai often indicate large-scale preparations for trading when whale activity rises, as funds are commonly swapped for altcoins tied to specific trading pairs.

DeXe, a decentralized finance project, was up by 250% in whale transactions and is now ranked second on the list. Next was LayerZero operating on Optimism which recorded a 200% increase in transactions. These surges can be attributed to increasing attention from high staking investors in platforms that are promoting interoperable and Decentralized Finance solutions.

Aave, integrated with Polygon, also experienced a 200% increase in transactions. The platform’s strong presence in lending may be behind this surge. Telcoin and GateToken both rose 100%. This shows big investors are more interested in crypto exchanges and telecom blockchain projects.

Whale transactions on Ripple’s XRP Ledger rose 81% as per latest data. It turned out to be rather a minor but measurable rise. The consistent movement in XRP indicates that investors are paying attention to its price. Ondo Finance, a platform tokenizing real assets, showed a 59% increase in transactions. This has demonstrated consistent investment in initiatives that combine conventional banking with distributed ledger technology.

Related: https://cryptotale.org/dogecoin-set-for-a-surge-doges-46-drop-mirrors-2021-rise/

Santiment noted that increased whale activity is often linked to market price reversals. These transactions typically signal profit-taking or buying during market dips. Stablecoins are key indicators of fund movements. They often precede major trading in related altcoins.

The data for this week also points to the fact that whales continue to play an increasingly important role in the market. On those chains, including Ethereum, Polygon, and Optimism, their activity delineates the different strategies. The most attention is paid to the projects involved in the development of the expanded use of blockchain, ranging from decentralized finance to interoperability.

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