The smart money is centered around two altcoin projects to evaluate network development activities scheduled for February. Here are the reasons…
Altcoin buys whales: Transaction volume made 5x
Cardano (ADA) has been in the spotlight with development activities in recent weeks and is being bought by whales a lot. The prominent metric in the price rally on ADA was the network’s strong whale activity. While crypto market sentiment waned last week, transactions have increased significantly since the beginning of the month.
Cardano, the eighth largest cryptocurrency in the world, was part of the altcoin market rally. Its price has increased 45% since the start of 2023 and is currently trading at $0.3827 with a market cap of $12.3 billion.
Cardano whale transactions of $100,000 or more so far in February were about 1,700 per day. That’s nearly 5x more than the 300 average daily trades last month.
Also, Cardano whales have been systematically accumulating ADA since the collapse of crypto exchange FTX. Santiment explains in its report:
Whale addresses holding 10,000 to 10 million ADA have accumulated 659.53 million ADA, which equates to $235.5 million. This return from Cardano’s key stakeholders is a good sign.
Developments driving smart money to Cardano
COTI Network, which runs on Cardano’s own stablecoin Djed, announced that it has added multi-wallet support for Djed. Some of these supported wallets are Flint, GeroWallet, Typhon Wallet, Yeroi Wallet and NuFi. This move by COTI Network will further push the adoption of the Djed stablecoin in the wider crypto environment.
cryptocoin.com We have included details about djed stablecoin in this article.
Also, some UI improvements have been made in djed.xyz, providing a better view of the status of DJEDs and SHEN and the amount that can be printed for each. Users can easily check the latest updates on reserve ratio. Also, COTI added an option to easily switch between mainnet and testnet.
Shiba Inu (SHIB), a favorite of altcoin whales
Elsewhere, the popular meme token SHIB is emerging as the top pick for ETH whales. According to WhaleStats, the 500 largest ETH whales on record currently hold SHIB worth $651 million. ETH whale “BlueWhale0073”, one of these whales, has 223 trillion SHIB tokens worth $2.7 million.
SHIB is trying to capitalize on heavy whale interest in terms of price. In particular, since January, FTX has managed to compensate for the losses in the market as a whole, and it has caught an upward trend. This momentum is bolstered by the upcoming Shibarium.
The planned launch of the Shibarium tier-2 solution could lead to widespread adoption of the SHIB token. Since the Shiba Inu is built on Ethereum, the gas fees are much higher than anyone would like. With Shibarium, transaction fees for SHIB will be much lower than they are now. In the words of Shiba Inu lead developer Shytoshi Kusama, people will not be celebrating when the Shibarium Beta comes out. Instead, they will consider creating projects to improve the network.
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