Smart Money Moves: Whales Are Piling Into These Altcoins

• CRO, AAVE on Optimism, and TON whale activities rose 255%, 100%, and 50%, respectively.
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  USDe and DAI’s whale activity rose 82% and 75%, respectively.
• Santiment advised investors to look out for tokens with massive whale spikes.

Whale transactions for some of the leading altcoins have jumped in the past few days. Projects like Cronos (CRO) and Circle’s USDC have seen significant wallet movements as Bitcoin (BTC) hovers above the $60,000 price level.

According to blockchain analysis platform Santiment, CRO saw a massive 255% surge in whale activities, and Aave (AAVE) gained 100% on Optimism and 50% on Polygon. But the price of CRO fell 3.19% in the past 24 hours and 7.13% in the last week. AAVE also dropped 4.12% in 24 hours and 9.89% in the past week.

TON whale activities rose 50%, IMX’s surged 36%, and ARB’s rose 25% while their prices dropped 2.94%, 4.94%, and 3.03%, respectively. In the past week, TON dropped 10.69%, IMX crashed 5.14%, and ARB plummeted 3.14%.

Why this matters is that a surge in whale trading volumes is a key indicator of whether the price of a digital asset will turn bullish or bearish. An increase in whale transactions can also signal a change in momentum. Right now, the market appears neutral according to the Fear and Greed Index.

Whale Transactions of Stablecoins

Stablecoin whale movement has also surged. Santiment data shows that USDC’s whale activity jumped 82%, DAI’s rose 75%, and USDC on Polygon’s increased 57%. This suggests that buyers are getting ready to get back into the market soon.

Read also: Bitcoin Leads as Top Asset in 2024 with 2.5% Q3 Growth

Sanitment advised investors to watch “coins that have been dropping in value that suddenly see massive whale spikes,” adding that cryptocurrencies will be the prime candidate for upcoming price surges and trend reversals.