Whales IMX Coin and This Headed for the 9th!

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Bitcoin and altcoins continued the downward trend that started in April in the first days of May. BTC price dropped to $56,500. After this decline, there was a recovery in the market and the BTC price approached the $ 62,000 limit. In this process, whales took advantage of the opportunity and turned to altcoin purchases. According to data from on-chain data tracking platform Nansen, IMX coin was among the most purchased cryptocurrencies in the last 24 hours. Here are the details…

IMX coin and those cryptos are on Nansen’s list

The decline in Bitcoin and altcoins, which started in April, continued in the first days of May. BTC price dropped to $56,500. After this decline, a recovery was seen in BTC and altcoins and the BTC price approached the $ 62,000 limit. Meanwhile, the whales took action. Because data tracking platform Nansen announced the most purchased cryptocurrencies in the last 24 hours. According to Nansen data, whales turned to different altcoins. ZENT, COMP and IMX were among the altcoins most purchased by whales.

Most purchased cryptocurrencies:

  1. USDC: $48.3 million entry
  2. ZENT: $17.5 million entry
  3. COMP: $5.4 million entry
  4. IMX: $2.3 million entry
  5. PEPE: $1.1 million entry

Why do whales prefer these coins?

Apart from these, whales purchased ZETA, ENA, weETH, wstETH, aEthWBTC, stETH, cbETH. We can say that they mostly focus on Ethereum derivatives. There may be several reasons why whales prefer these altcoins.

  • ZENT: ZENT is a decentralized finance (DeFi) protocol. DeFi provides financial services to people who do not have access to traditional financial systems. As interest in DeFi grows, so does the demand for DeFi protocols like ZENT.
  • COMP: COMP is the native token of a decentralized lending and borrowing platform called Compound. Compound allows users to borrow money and earn interest by using their cryptocurrencies as collateral. As Compound’s popularity grows, so does the demand for the COMP token.
  • IMX: IMX is the native token of a gaming market platform called Immutable X. Immutable X is a platform that makes it easy to buy and sell in-game items. As the use of NFTs in games becomes more widespread, Immutable X and the IMX token are also gaining value.
Expert Opinion: Keep an Eye on These 4 Altcoins in May!

As a result, whales’ interest in altcoins could be a sign of a shift in cryptocurrency markets. As the demand for Bitcoin decreases, investors are turning to different altcoins. This could lead to an increase in altcoin prices. However, it should not be forgotten that cryptocurrency markets are quite volatile and it is important to do detailed research before investing.

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