Categories: MarketsMenafn

This Week’s Top 10 Crypto Assets by Whale Transactions Reveal Market Sentiment

Whales’ behavior has shown a notable trend that may point to the short-term trajectory of the crypto market.

According to Santiment, a popular crypto analytics platform, among crypto assets with market capitalization exceeding $500 million, the MakerDAO ($DAI) stablecoin on the BNB chain recorded the largest spike in whale activities this week, with an 800% surge.

The platform analyzed whale activities, such as shifts in transaction volume, to assess the state of the cryptocurrency market.

MarkerDAO On BNB Records Highest Increase

Due to the rise in their whale transactions, three stablecoins were among the top ten crypto assets traded this week. This indicates that whales could be accumulating funds for possible swaps for other altcoins with common trading pairs.

The Santiment data showed that they bought significant amounts of altcoins, as three of the top ten projects with huge increases in whale transaction volume this week were stablecoins. Besides the MakerDAO DAI stablecoin, altcoins that experienced a significant surge in whale transaction volume were LayerZero’s ($ZRO) on Optimism (up more than 200%) and DeXe Protocol’s ($DEXE) (up more than 250%).

Cryptos with huge whale activity. | Source: Santiment

Whale transaction volumes for AAVE ($AAVE) rose by more than 200% this week, while there was over a 100% rise in their transactions of Telcoin ($TEL) and Gate token ($GT). The other crypto assets in the top ten categories with increasing whale trade volumes were Ondo Finance ($ONDO) (up more than 59%) and Ripple ($XRP) (up more than 81%).

Crypto assets with huge whale activities often experience price shifts since these large holders usually buy at the lowest possible prices to maximize their profits. Hence, when they accumulate a particular cryptocurrency, they do so to sell it later to make profits.

Many analysts track crypto whale activities as they often indicate the possible direction of the crypto market. Hence, they can profit from these trends by taking positions before broader market movements.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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