While the crypto market remains unpredictable and continues dipping, large investors are not relenting in their activities.
Analysis by data intelligence firm Santiment has disclosed the top ten crypto projects with the highest increase in whale activity. In this context, whales refer to investors executing transactions valued at $100,000 or more.
Projects With High Whale Activity
The top three projects with rising whale activity are the Ethereum-based SuperRare, PepeFork, and the Arbitrum-based Stargate Finance, with 4,087%, 2,400%, and 2,083% growth in the past 30 days.
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.
Following RARE, PORK, and STG is the Polygon Ecosystem Token (POL). Its increased whale activity can be linked to the just-concluded token migration on the Polygon network. Earlier this week, the team released an upgrade that migrated the network’s native cryptocurrency from MATIC to POL.
It aimed to enhance the token’s utility and align with the protocol’s vision of an aggregated network of blockchains. POL witnessed a 1,345% spike in whale activity in the last 30 days.
The fifth project with the highest increase in whale activity is Carrieverse (CVTX), a web3 gaming metaverse, which witnessed 1,000% growth in the past 30 days. CVTX was followed by the self-sovereign identity network SelfKey (KEY), the DeFi liquidity marketplace Tokemak (TOKE), the consumer app developer Rally (RLY), the Ether restaking protocol Renzo (REZ), and the web3 game Voxie Tactics (VOXEL).
BTC and ETH on the Opposite End
Interestingly, the prices of most of the native tokens of these projects with rising whale activity have declined over the last thirty days, with some plunging 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. Although this trend may be a cause for concern, Santiment noted that whale behavior usually aligns with heightened market volatility and reveals when large players move their assets to capitalize on rapid price swings.
