- INJ whale transfers to cold wallets have surged from August 2023, showing strong demand.
- RENDER whale coins shifted to cold wallets in July 2024, holding steady since the transfer.
- POL whales have moved coins as the network transitioned to Proof of Liquidity in Sept 2024.
Injective (INJ), Render (RENDER), Polygon (POL) are among the altcoins that registered a considerable change in the market, after shifts seen in whale wallet activities. These coins in large volume moved from the exchange wallet associated with a big whale to a cold wallet. These changes in supply have occurred alongside short and long term price flukes that is associated with increased market activity.
Whale Activity Drives Price Movements
Data from Santiment show that significant movements have occurred in large amounts of altcoins such as INJ, POL, and RENDER. On August 21, 2023, a massive transaction of Injective (INJ) coins was spotted when the coins were transferred from exchange wallets to cold wallets. This trend has persisted, and since then, more movement of whale coins occurred. This action gradually pumped up INJ’s supply of cold wallets. There has been a sharp increase in INJ in the middle of 2023, and the variation is quite consistent.
Render (RENDER) experienced large fluctuations in whale coin holdings on July 21 2024. The coins were shifted to cold wallets, and have remained flat since then – indicating a buy and hold phase. This trend shows that whales hold their coins for extended periods, which is evident from the flat trends observed after the movement.
Polygon Sees Whale Transition During Network Upgrade
A large transfer was noted in Polygon (POL) on 9 September, 2024. The coins were moved off the exchange and sent to cold storage wallets as the network shifted towards Proof of Liquidity. The consistent circulation of POL has followed the continuous technical development of the network, thus contributing to more market anomalies.
Whale Transactions Drop,Yet Accumulation Trend PersistMost altcoins experienced extreme price changes after the whale movement, which developed new market signals. These transitions from exchange to cold wallets are informative of future market activity. Whale behavior usually affects liquidity. The data shows the distribution of non-exchange wallets holding these coins, helping to show the whales’ ongoing market activities. If the buying and selling pattern continues, altcoin prices may fluctuate. The delayed shift of whale coins from exchanges to cold wallets shows that whales hold them fora long period.
