There have been multiple interesting developments in the altcoin market in recent weeks. Some projects have followed an impressive course and caught the attention of crypto whales. In this article, we’ve covered two coins that are in high demand among whales and the reasons behind the interest.
Crypto whales are buying these two altcoin projects
Cardano has shown signs of leaving the market overall over the past few days. It currently ranks 7th in market capitalization. During the week, the whales developed new feelings for ADA. Addresses holding 10,000 or more ADA have collectively accumulated 1.03 billion tokens in the last 5 months (3.3% more).
Cardano hovered around $0.3876 over the past week. He took a short break above his milestone on March 31.
Why are altcoin whales turning to Cardano?
cryptocoin.com As we reported, Cardano (ADA) announced the launch of its native stablecoin Djed on January 31st. The ADA saw a massive increase in the volume of whale transactions after launch. The last time the Cardano whale transaction count dropped below 1,000 was on February 15. The number of daily transactions exceeding $100,000 has since grown to over 1,600. It has recently increased from 1,654 on March 5 to 2,007 whale transactions recorded on April 4.
Cardano’s high potential was another reason behind the growth. The network’s increased developer activity is also a source of growth for ADA. Cardano has already completed the Vasil hard fork upgrade. This upgrade increases its scalability.
However, Cardano had the highest developer activity at the end of 2022. In this way, it surpassed Ethereum.
Whales’ second hunt: ImmutableX
ImmutableX (IMX) recorded a 58% increase in whale accounts holding between 1 million and 100 million IMX. Whale purchases include the period from November 22 to the present. This is because the whales’ interest in collecting IMX is not based solely on speculation and demand. Santiment attributes this increase to the high demand for Zero Knowledge Evidence (ZKPs).
ZKPs allow the validator and the verifier to validate transactions. They also confirm transactions without disclosing details of information in use. Polygon (MATIC) is one of the networks that also highlights the use of ZKP. Immutable X leverages zk roll-ups to scale Ethereum’s limitations. So, IMX has to react to that. The price of IMX is currently trading at $1.01.
ImmutableX is used as an Ethereum-based protocol and a decentralized exchange. The IMX token is used on the platform for transaction fees and reduces the gas costs of the NFTs on the platform to zero. At the same time, it offers users the opportunity to perform NFT transactions quickly and securely. The protocol works as a Layer-2 solution and acts as a bridge to the Ethereum network.
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