Whale activity in the world of altcoins has surged over the past three months, with several cryptocurrencies experiencing transactions worth millions of dollars. This has sparked renewed interest in the world of digital assets as more investors flock to altcoins as a viable investment option.
According to the crypto analytics platform Santiment’s Top Transactions model, Apecoin led the pack with a whopping $27.9 million transfer from exchange to exchange, followed by Aave with a $21.4 million transaction, and Lido Dao with a $15.6 million transfer from non-exchange to non-exchange address.
Santiment’s Data highlights the strong performance of Apecoin, Aave, and Lido Dao in the altcoins market:
🐳📊 There have been a flurry of huge transactions that are amongst the 10 largest of the year for #altcoins. As expected, it isn't just #Bitcoin holders who are polarizing now that $30k has been crossed. Read our insight on which assets saw huge moves. 👇 https://t.co/qdAakTp5zq pic.twitter.com/rjxI95dGCY
— Santiment (@santimentfeed) April 12, 2023
Apecoin’s big transaction coincided with the largest daily trading volume spike in six weeks, with some coins returning to exchanges after the massive transfer. Aave’s $21.4 million transaction also marked a 5-week high for transaction volume, while supply on exchanges moved down. Lido Dao’s $15.6 million transaction came after a big 4-week high in on-chain transaction volume.
In addition, several other altcoins with top transactions worth $4 million or more in value include 1inch, Adventure Gold, Alchemix, Ankr, Aragon, Arpa Chain, Audius, Automata, Axie Infinity, Barnbridge, Bella Protocol, Biconomy, Chiliz, Coin98, Compound, Project Galaxy, and Rocketpool.
It is noteworthy that the majority of these assets occur at the top of the alphabet. This could be a coincidence, or perhaps large whales running algorithms decided to sell off just the first 8th of the altcoins they were running.
Notably, significant transactions in the altcoin market are causing a stir, and the consequences of these large transfers remain uncertain in the days ahead. However, the increase in whale activity in the world of altcoins is a clear indication that this market is gaining momentum.
