Whales Supercharge Crypto with Astonishing Trading Surges

You can also read this news on COINTURK NEWS: Whales Supercharge Crypto with Astonishing Trading Surges

Large investors, often referred to as whales, executed significant maneuvers in the crypto market over the past week. This movement prominently involved altcoin projects with market caps exceeding $500 million, where remarkable increases in transaction volumes were observed. According to data from Santiment, KuCoin Token (KCS), USD Coin (USDC on the Avalanche network), and Staked Ethena (sENA) ranked at the forefront of whale activities. These surges are linked not only to price expectations but also to strategic volume and liquidity considerations. Particularly, the thousand percent increase in whale activity surrounding KuCoin Token highlights an intensified interest from these large investors. Market participants are actively discussing whether these movements might lay the groundwork for potential price trends.

Top Altcoin Choices Among Whales

Leading the list, KuCoin Token (KCS) experienced a staggering one thousand percent surge in whale transactions exceeding $100,000 within just one week. Although the price saw a marginal change of 0.36%, the transaction volume increased by more than 80%. This scenario indicates a strategy driven by volume rather than price.

Following KCS, USD Coin (USDC) on the Avalanche network recorded a 587.32% surge in whale transactions. Being a stablecoin, its price remained unchanged, yet it boasted a daily transaction volume exceeding $9.9 billion. This data supports the notion that stablecoins are intensively utilized as value storage and transfer tools by major investors.

Staked Ethena (sENA) ranked third, experiencing a 567% increase in whale transactions, which coincided with a 3.88% price decline. This conflicting scenario suggests the possibility of profit-taking by some large investors or experimentation with different on-chain optimizations.

Whale Radar Locks onto Other Cryptos

Wrapped Bitcoin (WBTC) on the Optimism network saw a 518% weekly transaction rise, ranking fourth. As a coin pegged to Bitcoin’s value, it is heavily utilized as collateral in DeFi protocols, indicating an indirect increase in leveraged trading activities.

In fifth place, Uniswap (UNI) on the Ethereum network stood out with a 459% rise, despite a 2.5% price dip. This contradiction might signal an increasing selling pressure. Conversely, Tether (USDT) on the Avalanche network, with a 431% transaction surge, remained price-stable, as volume increases in stablecoins are often seen as preparatory for subsequent market activities.

Occupying the lower positions on the list, Optimism (OP), Worldcoin (WLD), Curve (CRV), and Floki (FLOKI) experienced transaction increases between 224% and 387%. Notably, Worldcoin stood out with a 21% volume increase and a 4.5% price rise, indicating a positive outlook from whale investors towards the coin.

The post Whales Supercharge Crypto with Astonishing Trading Surges appeared first on COINTURK NEWS.