With the global crypto market cap exceeding 1 trillion, its market recovery is fueled by individual investors. While participation from whales was lacking in the early days, recent data shows that whales are now actively recruiting altcoin projects. Meanwhile, a whale is making profits.
Ethereum whales attacked these altcoin projects!
According to whale watching platform WhaleStats, the largest Ethereum whales are accumulating Shiba Inu (SHIB), Polygon (MATIC), and Decentraland (MANA). MATIC is one of the most used smart contracts among the top 5000 ETH whales in the last 24 hours according to WhaleStats. cryptocoin.comAs you follow, the Polygon network underwent an upgrade and hard fork in mid-January to reduce gas fee spikes and fix Blockchain refactoring issues.
Crypto analytics platform Santiment says a whale bought 59 million MATIC tokens worth $56 million. Meanwhile, the whale managed to get MATIC just before the 20% increase in the altcoin price. At press time, MATIC was trading at $1.17, up 2.9% in the last 24 hours.
Popular meme coin Shiba Inu (SHIB) witnessed massive speculation during the launch of Shibarium Beta. Shiba Inu’s lead developer, Shytoshi Kusama, hinted at Shibarium’s launch on Valentine’s Day, February 14. Whales were selling SHIB until December, but started receiving the token mid-Shibarium launch. With the effect of this, SHIB has managed to become the most used smart contract and purchased token of the largest Ethereum whales in the last 24 hours. At press time, SHIB was trading at $0.00001203, up 1.64% in the last 24 hours.
The price of whales’ third choice, Decentraland (MANA), has skyrocketed by over 9% in the last 24 hours. At press time, the altcoin was changing hands at $0.7782. The popular metaverse coin has witnessed increased development activity over the past few weeks. Meanwhile, Decentraland is the most used smart contract among the top 100 ETH whales in 24 hours. In addition, MANA is among the top 10 tokens purchased among the top 100 ETH whales in the last 24 hours.
The choice of Binance whales: DOGE, ADA and AAVE
According to WhaleStats, Binance whales are accumulating Dogecoin (DOGE), Cardano (ADA), and AAVE. These are among the 10 most purchased altcoins among the top 500 BSC whales in the last 24 hours. AAVE re-entered the top 10 purchased tokens among the top 500 BSC whales after the launch of Aave V3 on Ethereum.
A MATIC whale is selling tokens!
An early MATIC whale made an unexpected move, selling millions of tokens amid the massive rise of market presence. The whale received some DAI in exchange for MATIC. Meanwhile, the first MATIC transaction in the whale’s wallet took place while the token was trading at $0.02. On-chain data shared by Lookonchain shows that the early holder sold 4.5 million tokens for 5.2 million DAI at an average price of $1.14. Considering that the addresses receive some of these funds for an average of $0.02, the profits are expressed in triple digits.
The most likely reason behind such an unexpected move is the price performance of the MATIC token, which has been rallying in the market for the past few days. Polygon’s token has gained more than 52% since hitting local bottom on January 1. In the new year, the token performs much more solidly compared to the end of 2022. Besides the market-wide rally, MATIC started its upward movement earlier than mastodons like Bitcoin or Ethereum.
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