Analyzing Crypto Whale Activity: What Direction Are They Going? 

2023-3-23 23:20

In recent years, the crypto market has grown increasingly connected with the TradFi world. A series of bank failures in the United States appears to have triggered another wave of whale accumulation across the crypto industry. 

The recent crypto market resurgence was not driven by BTC alone. According to the blockchain data analytics platform, Santiment, a number of altcoins also experienced intense whale activity. 

Render Token Whales are Positioning for More Upswing

Render Token benefited from the chatGPT-driven AI hype in early 2023. After a price retracement in late February, Render Token whales appear to be returning for more action. 

Render Token (RNDR) Price vs. Crypto Whales Activity March 2023. Source: Santiment

If the whales sustain this activity level, RNDR holders can expect another series of upswings in the coming weeks. 

Stablecoin Launch Spurred Cardano Whales into Action

Cardano recently launched Djed, its own native crypto-backed stablecoin. Since the launch, whale activity on the Cardano network appears to have entered a new gear. 

Cardano (ADA) Price vs. Crypto Whales Activity March 2023. Source: Santiment

If the whales remain active on Cardano, it could soon positively impact the native ADA coin. Also, tokens of projects hosted on the smart contract network may see some uptrend. 

Litecoin Whales are Leading the $100 Mission

Albeit short-lived, Litecoin (LTC) reclaimed its $100 status in February. It was the first time LTC surged above $100 since slipping below the milestone in the aftermath of the TerraUST crash back in May 2022. 

After retracing below $70 on March 10, sustained whale activity appears to be driving the current price uptrend.  

Litecoin (LTC) Price vs. Crypto Whales Activity March 2023. Source: Santiment

LTC may soon break above the $100 zone if the whales stay active.

Synthetix Swings Upwards With Buy Pressure

Since January, the popular crypto derivatives platform Synthentix has made a series of new highs. Recently, it recorded its highest crypto whale activity spike in three months. 

Synthentix (SNX) Price vs. Crypto Whales Activity March 2023. Source: Santiment

Notably, prices have been closely correlated to whale activity on the Synthetix network. This could mean more price action ahead for SNX if whales keep accumulating. 

IMX Remains in an Uptrend

Immutable X (IMX) is a layer-2 scaling solution for NFTs on the Ethereum network. With its fast transaction and near-zero gas fees, it’s no surprise that it has received considerable whale attention in recent weeks. 

Immutable X (IMX) Price vs. Crypto Whales Activity March 2023. Source: Santiment

Just as interest in NFTs continues to reignite globally, IMX has been consistently experiencing increased transaction activity from whales. Having recorded its highest whale activity for 2023 on March 20, more price gains may be around the corner.

Crypto whales continue moving the needle as the crypto market eyes positive price action. BeInCrypto will monitor these altcoins and observe the level of impact that whale activity may have on their prices in the coming weeks.

The post Analyzing Crypto Whale Activity: What Direction Are They Going?  appeared first on BeInCrypto.

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