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This week, the crypto market witnessed significant interest from large investors in specific altcoins. High-volume wallet addresses, commonly known as “whales,” created extraordinary movements in certain altcoins. Coins like CAKE, USDC, DAI, and WETH emerged as focal points due to this heightened attention. Overall, stablecoins and decentralized finance (DeFi) projects took center stage, with transaction volumes and large-scale transfers reaching impressive levels.
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.
Similarly, the stablecoin USDC made its way onto the list with its versions on both Arbitrum and Optimism networks. Issued by Circle, USDC has caught the attention of large investors due to its growing utility across different blockchain networks. The increasing adoption of Layer-2 solutions has significantly contributed to this rise.
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.
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.
