The build-up of whale holdings is a crucial sign for determining market trends in the near future. During the hype surrounding Solana’s meme coins, whales transformed their investments from thousands to millions within just days or weeks. Here are three altcoins currently attracting the attention of these large investors.
3 Altcoins Whales Are Bullish On
Following the surprise 3.5% increase in the Consumer Price Index (CPI), large investors, referred to as “whales,” have disposed of a significant portion of their holdings in Solana, Ethereum, and Bitcoin, according to data from CoinGape. However, these astute investors are reportedly keeping their investments in other cryptocurrencies or even purchasing some alternative coins (altcoins) instead.
1. Pendle
In simpler terms, there’s been a rise in investor attention towards Pendle (PENDLE), even as the larger market experiences a downturn. Data from crypto analytics tools indicates an increase in large investors, or “whales,” purchasing more PENDLE, suggesting growing enthusiasm and financial commitment to this cryptocurrency.
According to reports from Lookonchain and Spot On chain, large-scale investors, or “whales,” have transferred significant quantities of PENDLE tokens, valued in millions of dollars, between different wallets recently. Specifically, the wallet addresses 0xe675 and 0xAa4c withdrew a massive amount of PENDLE tokens from Binance over the past few days.
Simultaneously, 0xe675 took out 295,443 units of PENDLE, equal to approximately $1.95 million, and 0xAa4c withdrew 115,500 units of the cryptocurrency, which is worth roughly $764,000 at present.
In just one week, the price of PENDLE surged over 27%, while an astounding increase of over 115% was seen in the past month. Exciting times lie ahead as Pendle Finance is currently reaping substantial fees and revenues, fueled by a significant surge in trading volume and liquidity, invigorating the project.
2. Maker (MKR)
The governance token of MakerDAO and Maker Protocol, called Maker (MKR), has garnered notable interest not just from large individual investors, or “whales,” but also from institutional investors.
MakerDAO, the decentralized entity managing the DAI stablecoin, has granted Ethena’s USDe synthetic dollar a debt limit increase to $1 billion. By deepening its partnership with Ethena, MakerDAO now provides enhanced rewards for its users.
Last week, thirteen newly-active cryptocurrency wallets on the blockchain withdrew a total of $47.8 million in MKR tokens from Binance. Over $30.8 million of this amount was taken out within the past twelve hours. Additionally, three other wallets conducted trial runs by withdrawing insignificant amounts (0.0055 MKR) and are expected to withdraw more tokens soon.
In the previous 24 hours, MKR‘s price dropped by 2%, following a wider market downturn. At present, it’s being traded at $3,411. Over the past month, there has been a 32% increase in MKR‘s price. Yearly growth amounts to an impressive 400%.
3. Fren Pet (FP)
Fren Pet is a mobile game with cryptocurrency elements modeled after Tamagotchi, developed on the Base platform. In the past day, the value of Fren Pet’s native token, FP, has risen by 45%. Within the last week, there has been a 90% price surge for FP. Amazingly, over the course of a month, the price has skyrocketed by more than 800%.
Nansen revealed that large investors, or “whales,” have been purchasing significant amounts of FP tokens in the last two days. One prominent investor has already earned returns exceeding 30% on their investment, and their current FP token hoard is valued over $450,000.
Crypto trader Ansem bought approximately $32,000 worth of FP tokens following the significant buzz surrounding Fren Pet. Large investors, who had previously held these tokens for several weeks, made additional purchases within the past 24 hours.
The current market price for FP is at $13.14, which is its lowest point in the past 24 hours being $8.68, while its highest point was $16.38 during the same timeframe. Notably, there has been an astonishing 800% increase in trading activity over the last 24 hours.
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2024-04-11 03:37