After a rapid industry-wide rebound that followed a brief drop in the US dollar on March 10, the global cryptocurrency market capitalization has rebounded back above $1.2 trillion in April. Will increased activity from whales lead to an increase in altitude?
Ethereum’s Shapella upgrade and Bitcoin’s surge above $30,000 have been dominating media headlines lately. However, cross-chain data reveals that large strategic investors have been paying lopsided attention to a few digital currencies.
The cryptocurrency market cap has jumped 5% since the beginning of April. Data across the chain reveals the direction in which major institutional investors are turning their attention to make the most of the cryptocurrency’s rally.
Crypto whales are defending the chart (GRT) at the $0.10 support
Graph is a blockchain data indexing protocol that powers many applications in the DeFi and broader Web3 ecosystem. By March 11, the GRT token had fallen nearly 48% from its year-to-date high of $0.20.
Between the recent local drop of $0.11 recorded on March 9, whales holding 1-10 million coins added 13 million tokens worth about $2 million.
With GRT now trading around $0.15, it appears that a wave of accumulation among whale investors has led to a price recovery.
Lido DAO (LDO) the whale that manages the success of the promotion of Chabela
Lido DAO (LDO) is the native token of Lido Finance, a DeFi platform that facilitates staking Ethereum 2.0 via liquidity derivative. Shortly after the announcement of the Ethereum network upgrade in March, crypto whales began piling their LDO bags. The timing suggests that large investors are looking to gain immediate profit from the increased trading activity that could follow the network upgrade.
In recent weeks, LDO has seen an increase in buying momentum from crypto whales holding 1 to 10 million LDOs. The chart below shows how whales purchased approximately 33 million tokens between March 5 and April 12. At the time of publication, the market cap is $2.39 and the tokens have accumulated around $80 million.
When whales invest such large sums within a short period, they instill confidence in the other participants in the network. If crypto whales continue to HODL, LDO could soon cross the $3 barrier.
Crypto whale group remains unhindered despite Litecoin (LTC) struggles
On February 15th, Litecoin briefly breached $100 for the first time since May 2022. However, the rally was short-lived as LTC quickly bounced back below $70 by March 11th. 10 million LTC coins.
According to Santiment, this group of whales started buying weeks before LTC hit a year-to-date high of $102 on February 15.
The following graph shows that whales bought 2.37 million LTC between February 3rd and April 12th.
At the current price of $94, the newly added tokens are worth over $220 million. If the whales continue to accumulate, it is only a matter of time before LTC breaks the $100 barrier again.
Optimism (OP) Whales remain positive despite the sideways price movement
Optimism (OP) is a two-layer blockchain built on the Ethereum network. It improves the scalability of Ethereum, keeping untrusted aggregation records of transactions before they are finally secured to Ethereum.
The OP gave a swing performance last week, but the on-chain data shows that crypto whales remain bullish. Between March 1 and April 12, whales with 1 million to 10 million OP in their wallet balances added 256 million tokens.
The value of the newly added $256 million OP tokens is approximately $490 million at current prices of $2.39. Although the price fell by 13% over the same period, the trend of whale accumulation may lead to a recovery soon.
Toncoin (TON) whales are back in action
Toncoin (TON) is the native token of the decentralized Layer 1 blockchain developed by the crypto messaging platform, Telegram.
According to blockchain forensics firm Santiment, TON whale holders are back in accumulation mode after taking profits in early March. Between March 20 and April 13, the single-balance whale pool from 100,000 to 1 million tons added another 44 million coins.
At a current market value of $2.22, the newly acquired Whale Coins are worth $97 million. Notably, the buy/sell pattern of this group of whales has been closely correlated with the price action since September 2022. If this condition holds, TON holders can expect further upside in the coming weeks.
In conclusion, crypto whale activity can have a ripple effect across the cryptocurrency market. Strategic sharks and retail investors can also choose to keep a close eye on these assets that attract the attention of large investors.
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.