Giant Whales Have Been Adding This Altcoin To Their Wallet Since November!

Cryptocurrency According to analysts at analytics firm Santiment, a wave of accumulation is underway among whales of Immutable X (IMX) altcoins.

According to data shared by analysts, giant altcoin whales holding between 1 million and 100 million IMX tokens have increased their IMX holdings by 58% since November 2022.

Is The Movement Of Altcoin Whales Due To The Latest Trend In The World Of Cryptocurrency Zero Knowledge?

It is thought that this trend exhibited by whales may be related to the zero-knowledge (ZK) trend that has started to sprout recently.

Santiment shared this situation as follows:

“IMX accounts of whales holding between 1 million and 100 million tokens have increased their holdings by more than 58% since November 2022, and this community is adding aggressively, even at increasing price ranges.”

As it is known, the zero-knowledge mechanism is offered as a potential solution for Ethereum, which is known for its scalability problems. In addition, increases are also observed in altcoins such as MINA, which is associated with this technology.

Santiment analysts wrote about zero-knowledge technology and its impact on other cryptocurrencies:

“Zero-Knowledge proofs (ZKP) are on the rise, with Polygon releasing Zk-EVM last quarter, we’re seeing more protocols adopting this technology to scale transactions.

Zero-knowledge proof is a way of proving the validity of a proposition without revealing the proposition itself. ‘Prover’ is the party trying to prove a claim, while ‘verifier’ is responsible for verifying the claim.

The Zero Knowledge 2022 Survey reveals that over 40% of respondents think ZKPs will be hugely important in DeFi, Metaverse, and Web3. We believe this theme will play an important role in mid-2023.”

*Not investment advice.