In the cryptocurrency world, the activity of large investors (whales) has always been one of the determining factors in the direction of the markets. According to Santiment (@santimentfeed) data, among cryptocurrency projects with a market value of at least $ 2 billion, the assets that recorded the highest increase in whale activity in the last week have been determined. Injective (INJ coin), Wrapped Bitcoin ($ WBTC) and Shiba Inu ($ SHIB) are at the top of this list.
INJ coin took the top spot in whale activity
According to Santiment data, Injective (INJ coin) was the cryptocurrency with the largest increase in whale activity in the last week. INJ, which attracted attention with a massive increase of 456%, has entered the radar of large investors. Injective is a project known for its innovations in the field of decentralized finance (DeFi), and the recent developments in this field seem to have attracted the attention of large investors. Despite the general fluctuations in the market, INJ’s high increase in whale movements may indicate that the project will continue to be attractive to investors in the future.
Wrapped Bitcoin ($WBTC) is second on the list. WBTC’s whale movement increased by 421%. WBTC functions as a token that allows Bitcoin to be used on the Ethereum network. For this reason, it becomes an attractive asset for large investors who want to benefit from the value storage feature provided by Bitcoin and plan to evaluate DeFi opportunities in the Ethereum ecosystem.
Shiba Inu (SHIB) is in third place with a 360% increase. Although SHIB started as a meme coin, it has recently attracted attention with its steps towards DeFi projects and the NFT ecosystem. This increase in Shiba Inu’s whale activity shows that the project’s new developments are closely followed by large investors. It is possible to say that SHIB is still popular among investors and has a more solid ground, especially compared to other meme coins that have recently experienced fluctuations in the market.
What is the situation with other cryptocurrencies?
When we look at the other projects on Santiment’s list, DAI, the stablecoin of the decentralized stablecoin platform MakerDAO, draws attention with a 147% increase in whale activity. DAI, which has an important place among decentralized finance projects, is preferred as a safe haven for large investors who want to protect themselves from risk with its stable value feature. Pepe ($PEPE), which is in fifth place on the list, shows a 109% increase. PEPE, which made a rapid entry into the market as a meme coin, has started to attract the attention of large investors, especially in the recent period by increasing its popularity. However, it may be important to closely monitor the effects of the volatility experienced in the meme coin market on PEPE.
Tether ($USDT) and Ethena Labs’ stablecoin USDe recorded increases in whale activity by 74% and 67%, respectively. While USDT maintains its position as the most widely used stablecoin in the cryptocurrency market, USDe has entered a remarkable uptrend despite being a relatively new project. Considering that stablecoins provide protection against volatility, these two assets can be considered as part of the search for a safe haven for large investors.
DOGE, WETH, OP are also on the list
Dogecoin ($DOGE) and Wrapped eETH ($weETH) are at the bottom of the list with increases of 67% and 62%. Although DOGE is known as a cryptocurrency frequently brought up by Elon Musk, this increase in whale activity shows that DOGE is still popular among large investors. Wrapped eETH is a token that can be used on the Ethereum network and continues to hold an important place in Ethereum’s growing ecosystem.
Finally, Optimism ($OP) is in tenth place on the list with a 59% increase in whale activity. Optimism, known as Ethereum’s second layer solution, continues to attract great attention with its goal of reducing transaction costs and increasing transaction speed on the Ethereum network. The increasing interest in the OP token shows that demand for second layer solutions is also increasing among large investors.
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