This week, the crypto market witnessed significant interest from large investors in specific altcoins. The high volume of transactions involving large wallets, known as "whales," has created an extraordinary movement in some digital assets.
Top Altcoins with Whale Activity
According to data compiled by Santiment, CAKE was one of the standout altcoins this week. As the main asset of PancakeSwap, it serves as the backbone of a popular DeFi protocol operating on the BNB Chain. The surge in whale transactions indicates that CAKE has regained attention as decentralized exchanges gain significance.
Whales Eye Stablecoins and Exchange Tokens
This week, whale activities were also observed in the BNB Chain and Avalanche versions of DAI. Utilizing DAO Maker’s infrastructure, these DAI versions continue to meet stability needs across various blockchain networks. Additionally, the altcoin LEO from Bitfinex entered the list of exchange-related altcoins, indicating movements from institutional or high-net-worth users despite its low volume.
Interest in DeFi and Exchange Ecosystems
The altcoin WBT from WhiteBIT similarly attracted investor interest. This trend suggests that users are seeking to benefit more from loyalty programs and fee discounts offered by exchange altcoins. Such trends intensify, especially as centralized exchange ecosystems continue to expand, allowing whales to maximize the benefits offered by certain altcoins.
Thus, the current activity of large investors in the crypto market highlights the growing interest in altcoins, stablecoins, and decentralized finance, indicating potential future trends.
