Always pay attention to what whales are up to. Last week I noticed that Ethereum and Arbitrum whales traded more than $200k and $50k. But what are they buying?
Whale activities have been very effective in planning my buying strategy. In this article, I will show you the 3 most important altcoins these whales are interested in right now.
1) Chainlink (LINK)
Chainlink has seen a lot of activity in recent days. According to Santiment, whales are showing massive interest in its native token, $LINK. Chainlink’s Github developer activity has increased this summer. Also, whales and sharks with 100K-10M $LINK now hold the most coins since December 2022.
🔗🧑💻 #Chainlink‘s #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. 🐳https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1
— Santiment (@santimentfeed) August 7, 2023
Last month, lots of wealthy investors swapped Ether for LINK following the release of the Cross-Chain Interoperability Protocol (CCIP). Whales also added upwards of $6 million to their LINK holdings. The heightened demand caused the Link price to surge by around 6%.
So, Chainlink’s CCIP has brought a new spark to the protocol. CCIP is designed to help build cross-chain applications and services. CCIP is available to all developers on the following testnets:
- Arbitrum Goerli.
- Avalanche Fuji.
- Ethereum Sepolia.
- Optimism Goerli.
- Polygon Mumbai.
Chainlink’s innovative Oracle services make it a top player in the decentralized finance (DeFi) space. Chainlink’s growth from $2.25 to over $50 during the 2020–21 bull market mirrors the high demand for reliable off-chain data within blockchain applications.
📈🔗 #Chainlink is the #3 trending topic in #crypto after an impressive +20% day, returning to its highest price ($8.34) in 3 months. Thursday had $347.72M in $LINK on-chain volume, the largest of 2023. #FOMO could be the only obstacle holding it from $10. https://t.co/kNTvo6Pibg pic.twitter.com/f57RtOH3I5
— Santiment (@santimentfeed) July 21, 2023
Although LINK trades at $7.36, it remains one of the standout Oracle service providers. The recent launch of the CCIP is another milestone, as it aims to facilitate seamless communications between different blockchains. Interestingly, the global payment network Swift is using Chainlink to connect with different blockchain networks. This brings more potential for Chainlink. The only news we see on Chainlink consistently is good news. It’s well undervalued here.
2) Maker Protocol (MKR)
Maker Protocol has seen heavy adoption in recent weeks. Data shows that MKR, its native token, is seeing significant deposits, swaps. And accumulations carried out by the top guys in the market. Some of these players include prominent VC firms.
One notable swap involved MakerDAO founder RuneKek. Data from Spot on Chain showed that he acquired 1,613 MKR by swapping around 1.61 million DAI, averaging $998.2 per MKR.
3/➮ Additionally, a significant number of whales are holding $MKR, totaling over $75 million.
☩ This coin has the potential to become the new bull market Gem.💎
— Reflection (@0xReflection) August 6, 2023
Notably, Venture Capital firm a16z recently moved 1.5K MKR to Coinbase at an average price of $970.35. Over the last 4 days, the total is approximately $5.83 million. The VC company also moved around 6.9K MKR (valued at $8.08 million) to a new wallet address.
The data also showed that HoldingCms accumulated 1,325 MKR from Binance and Bitget between June and late July, averaging $799.5 per MKR. Maker’s token buyback program appears to be one of the primary reasons for the increased interest in MKR. The token’s total market cap is around $1 billion. However, the buyback would reduce 0.7% of the supply per month at current prices.
– He received 5M $DAI from Maker Dao Lock wallet
– Swapped 2M $DAI to 2M $USDC and 620K $DAI to $MKR
– Still holds 2.3M $DAI, so he may swap more to $MKR later.
– The last similar action was 1.5… pic.twitter.com/70U5q1CRgl
— Spot On Chain (@spotonchain) July 16, 2023
The buyback scheme led to increased confidence in MKR. It also attracted short-term traders and long-term investors to profit from the token’s bullish momentum. MKR is a governance token and is important to the Maker protocol. The token holders influence the protocol and vote on proposals for the use of DAI. MKR currently trades at $1,219.29.
Whales are pretty busy in the Arbitrum ecosystem. And one of the projects that has caught their attention is GMX. GMX has everything it needs to grow. So, increased whale activity doesn’t come as a surprise. Lookonchain recently revealed that a whale spent 5,330 $DAI to buy $GMX.
Whales are getting into:
— 2xnmore (@2xnmore) March 22, 2023
GMX uses its decentralized perpetual exchange technology to govern a growing segment of the blockchain space. There’s massive potential in this protocol. GMX currently trades at $51.12. But experts believe the token could surpass its all-time high of $91.07 in the coming months.
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