A lot has happened in the crypto market since the last time we spoke. Some tokens have enjoyed a really impressive run and have caught the attention of crypto whales.
In this article, I’ll show you a couple of altcoins that are in high demand now because whales are accumulating them.
1) Cardano
Cardano has shown some mild decoupling signs over the past few days. It currently ranks at number 7 in market cap. And whales have developed new feelings for ADA. Addresses holding 10,000 or more $ADA have collectively accumulated 1.03 billion tokens (3.3% more) in the past 5 months.
#Cardano Monthly On-chain Growth 🚀
🎉 Over 8 MILLION native tokens
🎉 Over 4 MILLION wallets #CardanoCommunity #blockchain pic.twitter.com/WNWfIm5CoR— Cardano Foundation (@Cardano_CF) April 5, 2023
Cardano has hovered around $0.3876 for the past week. It had a brief break above the milestone on March 31st.
Why the interest in Cardano?
Cardano (ADA) announced the launch of its own native Djed stablecoin on January 31st. ADA saw a massive spike in the volume of whale transactions after the launch. So, bearish investors thought the interest would die down after a while. But, it’s been 3 months, and ADA remains an interest.
The last time the Cardano whale transaction count dropped below 1,000 was on February 15th. The number of daily transactions exceeding $100,000 has been above 1,600 since then. It recently spiked from 1,654 on March 5th, to 2,007 whale transactions recorded on April 4th.
A strong whale transaction is a bullish sign. It shows those who know it and believes in it the most are buying. And buying even more. We could be seeing huge growth on Cardano pretty soon.
Want to get to know #Cardano a bit more?
Have a read through the key features 👀
👇👇👇 pic.twitter.com/8Zt9AVUWL6— Cardano Foundation (@Cardano_CF) April 4, 2023
Cardano’s potential is another reason for the growth. Many see Cardano as a competitor to Ethereum. Cardano has several unique features that set it apart from the crowded crypto market
The rising developer activity on Cardano’s blockchain is also a source of growth for ADA. Cardano has already completed the Vasil hard fork upgrade. This upgrade will improve scalability. And create a path for the development of decentralized applications.
Cardano had the highest developer activity at the end of 2022. This way, it overtook Ethereum. ADA currently trades at $0.3865.
2) ImmutableX
Our final token today is ImmutableX’s IMX token. There has been a 58% increase in whale accounts holding between 1 million and 100 million IMX tokens. This is between November 22nd until today. Why? Whales’ interest in scooping up IMX tokens isn’t based on speculation and demand alone. Santiment links this surge to the high demand for Zero-Knowledge Proofs (ZKPs).
Immutable 🤝 @0xPolygon
We are joining forces in an industry-defining partnership to accelerate the development and adoption of web3 gaming. The future of gaming begins today with the announcement of the Immutable zkEVM, powered by Polygon.https://t.co/7FEyidsydV pic.twitter.com/IkhbWrLIaq
— Immutable – $IMX (@Immutable) March 20, 2023
ZKPs allow the verifier and prover to validate claims. And also confirm transactions without disclosing the details of the information in use. Polygon [MATIC] has also advanced the use of ZKP. Immutable X uses zk-rollups to scale Ethereum’s [ETH] limitations. So, IMX is bound to react to this. Right now, the price of IMX is currently trading at $1.01.
My favourite stat from last week was that over 15 games said something akin to "we were originally debating between @immutable and @0xPolygonLabs. Now we no longer have to choose."
The best gaming platform + best scaling infra = default home for web3 gaming.
All on… pic.twitter.com/oEsueHcqPK
— Robbie Ferguson 🅧 | Immutable (@0xferg) March 29, 2023
That’s all for today. Let us know your thoughts in the comments below.
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