These crypto projects are seeing the biggest surge in whale activity

Even though the cryptocurrency market remains unpredictable and continues to decline, big investors are not letting up.

An analysis by data intelligence firm Santiment has revealed the ten cryptocurrency projects with the largest increase in whale activity. In this context, whales refer to investors who execute transactions valued at $100,000 or more.

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Cryptocurrency markets may be unpredictable for now, but whales never really sleep. Here are the 10 projects that have seen the biggest spike in whale activity (transaction amount over $100,000):

1) twitter.com/SuperRare?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@superrare twitter.com/search?q=%24RARE&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$RARE
2) twitter.com/pepeforketh?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@pepeforketh twitter.com/search?q=%24PORK&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$PIG
3) twitter.com/StargateFinance?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@finanzasstargate twitter.com/search?q=%24STG&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$STG
4) twitter.com/0xPolygon?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@0xpolygon twitter.com/search?q=%24POL&src=ctag&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>$POL
5)… image.twitter.com/qApQfpVNJk

— Santiment (@santimentfeed) twitter.com/santimentfeed/status/1831856209638649879?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>September 6, 2024

Projects with high whale activity

The top three projects with increasing whale activity are ethereum-based SuperRare, PepeFork, and Arbitrum-based Stargate Finance, with growth of 4,087%, 2,400%, and 2,083% over the past 30 days.

SuperRare is a non-fungible token (nft) and digital art marketplace with a native token, RARA, that has a volume of $22.42M. PepeFork (PORK) is a meme coin project with a volume of around $1.67M. Stargate Finance (STG) is a composable liquidity transport bridge for omnichain decentralized finance (DeFi) with a volume of $5.56M.

Following RARE, PORK, and STG, there is the ecosystem token Polygon (POL). Its increased whale activity can be linked to the token migration that just concluded on the Polygon network. Earlier this week, the team released an update that migrated the network’s native cryptocurrency from MATIC to POL.

Its goal was to improve the token’s utility and align with the protocol’s vision of an aggregated blockchain network. POL witnessed a 1,345% increase in whale activity over the past 30 days.

The fifth project with the largest increase in whale activity is Carrieverse (CVTX), a web3 gaming metaverse, which saw 1000% growth over the past 30 days. CVTX was followed by self-sovereign identity network SelfKey (KEY), DeFi liquidity marketplace Tokemak (TOKE), consumer app developer Rally (RLY), Ether resttaking protocol Renzo (REZ), and web3 game Voxie Tactics (VOXEL).

btc and eth at opposite ends

Interestingly, the prices of most of the native tokens of these projects with increasing whale activity have declined over the past thirty days, with some dropping by double digits, reflecting the state of the market.

Meanwhile, major crypto assets including bitcoin (btc), ether (eth), Ripple (XRP), Toncoin (TON), and Cardano (ADA) have seen a significant decline in whale activity. While this trend may be a cause for concern, Santiment noted that whale behavior is typically in line with increased market volatility and reveals when big players move their assets to capitalize on rapid price swings.

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