Crypto whales tend to know something that we don’t know. And that is why we regularly keep monitoring the whale moves. Whales have opened the week extremely active.
And surprisingly they have been picking up 1 very surprising altcoin. Let’s find out which altcoins are are talking about!
1) AAVE
Whales have kicked off the week in high gear, and with the evident market cap boosts of several #altcoins today. Their impact is clear. AAVE, in particular, has captured the attention of these major investors.
A whale spent ~5M $USDT to buy $ETH, $LDO, $UNI, and $AAVE 3 hrs ago.
– Bought 557 $ETH($933K) at $1,676;
– Bought 593,139 $LDO($1M) at $1.69;
– Bought 413,727 $UNI($2M) at $4.83;
– Bought 17,203 $AAVE($1M) at $58.https://t.co/ykkHE1vS2m pic.twitter.com/LIePKreKoe— Lookonchain (@lookonchain) August 24, 2023
Around $5 million USDT was employed to buy a range of altcoins, including Aave, with the whale acquiring 17,203 AAVE tokens at a price of $58 each. Despite potential fluctuations in AAVE’s current market value, this investment reflects a favorable outlook on the token.
Why the Interest in Aave?
- Aave V3 is live on Coinbase. Aave’s users will be able to deposit and borrow Wrapped Ethereum], USD Base Coin, and Coinbase ETH on the Base platform.
- AAVE is a leading DeFi protocol. It is one of the most popular and widely used DeFi protocols, with over $4.67 billion in total value locked (TVL). This means that there is a large and growing demand for AAVE tokens, which could drive up the price.
- Aave GHO Stablecoin went live a month ago.
- They also reduced gas fees by 20-25%.
⛽️ Gas Optimization: reduces gas costs associated with all the functions across the board by ~ 20-25%. pic.twitter.com/9tymo0Vgf5
— Aave (@AaveAave) January 27, 2023
2) IMX
Our Next token today is ImmutableX’s IMX token. Whales are showing keen interest in IMX due to the activation of its Immutable zkEVM Testnet, which has led to increased demand. This upsurge is a response to the growing popularity of Zero-Knowledge Proofs (ZKPs).
The Immutable zkEVM Testnet is now live! Welcome to the true home of gaming on Ethereum.
Building a great web3 game has never been easier.
Start building today: https://t.co/QG2hSaTyyU pic.twitter.com/inaKeD6oWJ
— Immutable (@Immutable) August 14, 2023
ZKPs allow the verifier and prover to validate claims. And also confirm transactions without disclosing the details of the information in use. Polygon has also advanced the use of ZKP. Immutable X uses zk-rollups to scale Ethereum’s limitations. So, IMX is bound to react to this.
Another factor fueling whales’ interest in IMX could be the upcoming launch of a new game set to debut on the IMX platform.
One more game? pic.twitter.com/JsjGHxVM1T
— Immutable (@Immutable) August 28, 2023
3) CRV
Curve Finance has been in the spotlight recently mainly because of the $47 million hack. So, Curve is looking to make a comeback amid sustained whale accumulation and a prevalence of large transactions.
➰🐳 #CurveFinance has had a rough go of things in 2023, & its founder's controversy hasn't helped. But the project is looking to move on, and doing so successfully may present opportunities at this level. Read our insight for our $CRV metrics breakdown. https://t.co/CF7QCfDzYM pic.twitter.com/emhsfEtB9g
— Santiment (@santimentfeed) August 11, 2023
Santiment recently delved into Curve Finance’s on-chain metrics, revealing the project’s push to recover from a bearish phase.
Whale Accumulation Surge
What caught our attention was the sudden surge in whale accumulation. Those holding 10,000 to 100 million CRV tokens seem to have regained confidence, ramping up accumulation since the month’s start.
Increased Holdings and Transactions
Sentiment data shows these holders increased their combined holdings from 33% to 41% of CRV’s circulating supply over two weeks. Also, noteworthy is the flurry of large transactions, with three of this year’s biggest happening shortly after a hack on August 4th, and five transactions over $10 million in the past week.
$crvUSD in the latest @BinanceResearch stablecoin report:
-crvUSD debt and TVL have resumed their upward climb post Vyper exploit
-average crvUSD debt per holder $187K
-crvUSD mostly used by #DeFi power users
-LLAMMA boosts overall Curve volume, generates fees for veCRV$CRV https://t.co/cSFMQrXGrE pic.twitter.com/MbJcnKKIWd
— DefiMoon 🦇🔊 (@DefiMoon) August 29, 2023
4) COMP
So, here’s the last whale move of the day. In addition to the previously mentioned coins, Compound has also captured the attention of whales. This heightened interest could be attributed to Compound’s recent launch on the new Ethereum Layer 2 Base earlier this month.
ICYMI – Compound is now live on @BuildOnBase 🔵
View the new market here: https://t.co/F8I02yp2wC
— Compound Labs (@compoundfinance) August 15, 2023
This integration enables users to leverage ether and Coinbase-wrapped staked ether as collateral for borrowing the newly introduced bridged stablecoin, named USDbC. This development has undoubtedly piqued the curiosity of these influential investors.
COMP currently trades at $43.4. That’s all for today. Let us know your thoughts in the comments below.
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