Analysis of Crypto Whale Activity: Are Whales Hoarding?

In recent years, the crypto market has increasingly been linked to the Tradefi world. It appears that a series of bank failures in the United States has triggered another wave of whale accumulation in the crypto industry.

The recent resurgence of the crypto market was not driven by BTC alone. Several altcoins also experienced intense whale activity, according to blockchain data analytics platform Sentiment.

Render Token Whales Positioning For More Surge

Render Token to benefit from ChatGPT-powered AI hype in early 2023. Following the late February price retracement, Rend Token whales appear to be returning for more action.

If whales maintain this activity level, RNDR holders can expect another series of increases in the coming weeks.

Stablecoin spurs Cardano whales to act

Cardano recently launched Djed, its native crypto-backed stablecoin. Since launch, whale activity on the Cardano network has entered a new gear.

If whales remain active on Cardano, it could soon have a positive impact on the native ADA coin. Also, tokens from projects hosted on smart contract networks may see some momentum.

Litecoin whales are leading the $100 mission

Although short-lived, Litecoin (LTC) reclaimed its $100 position in February. This was the first time LTC broke above $100 since it slipped below the milestone following the Teratest crash in May 2022.

After breaking below $70 on March 10, continued whale activity is driving the current price increase.

If the whales remain active, LTC may soon break above the $100 area.

Synthetix swings upwards with buying pressure

Since January, popular crypto derivatives platform Synthetix has made a series of new highs. Recently, it recorded its highest crypto whale activity spike in three months.

Notably, prices have been closely linked to whale activity on the Synthetix network. This could mean that more price action is ahead for SNX if the whales continue to accumulate.

IMX remains in an uptrend

Immutable X (IMX) is a layer-2 scaling solution for NFTs on the Ethereum network. With its fast transactions and near-zero gas fees, it’s no surprise that it’s gotten a lot of attention in recent weeks.

As interest in NFTs continues to reign globally, IMX continues to experience increased transaction activity from whales. After recording its highest whale activity for 2023 on March 20, more price gains could be just around the corner.

Crypto whales continue to move the needle as the crypto market sees positive price action. BeInCrypto will be monitoring these altcoins and observing the level of impact whale activity is having on prices in the coming weeks.