Two of the leading institutional whales in the cryptocurrency market draw attention with their heavy purchases. So, what altcoins are on the radar of these institutional whales? Could these altcoin projects explode? Here are the details…
Institutional companies are turning to the popular altcoin ADA: ADA trading volume has increased tremendously!
As the cryptocurrency market sees new partnerships and many new investments, significant increases in large transactions are taking place on the Cardano (ADA) network. According to the latest data, ADA volume has increased from 70 billion ADA levels to 180 billion ADA levels. This 100 billion ADA increase in ADA transaction volumes draws attention to the sudden whale movements. According to experts, one of the main drivers behind this surge could be the fundamental growth of the Cardano network. Over the past few months, Cardano has made significant strides in developing its platform, creating an environment conducive to the acceleration of large-scale transactions. Upgrades such as the Alonzo hard fork, which brought smart contract capability to the network, may have impacted the increase in transactions, driving the adoption of Cardano among large-scale investors.
Cardano’s growing ecosystem with new releases and projects may be contributing to this increase. New dApps, NFT platforms and DeFi projects built on blockchain have huge opportunities for many investors. However, investors may be accumulating ADA in anticipation of using or supporting these new projects, which may explain the spike in high-volume transactions. On the other hand, Cardano has recently become a development space for meme coins. The release of Hosky, the first meme coin on the Cardano network, inspired a rally within the meme coin community on Cardano. Given their notorious volatility, meme coins typically experience bursts of high volume transactions, which may be contributing to the rise. Whale investors may be taking advantage of this trend by purchasing large amounts of ADA to invest in these new coins.
On the other hand, this increase in trading volume may be an indication of long-term whale investments for Cardano. Amid Network upgrades and Cardano ecosystem expansion, major investors may be positioning themselves for future growth by relying on Cardano’s scientific philosophy and secure blockchain.
Jump Trading is buying massive amounts of LINK!
Analysis of on-chain data reveals the activity of major cryptocurrency whales recently. Jump Trading, an algorithmic trading firm, recently purchased a large amount of Chainlink (LINK) coins from DRW Holdings subsidiary Cumberland, according to the data. In these transfer transactions, which seem to have been done without attention, it is seen that Cumberland has purchased 2.2 million dollars of LINK from the giant crypto money exchange Binance and Gemini since May 10 and transferred to certain wallets with different small orders. The current reason behind this is still unknown.
However, the transmitted data reveals that LINK coins obtained from these wallets are sent to Jump Trading wallets. According to many experts, in these transfers, which are tried to be made without being noticed, Jump Trading has purchased more than 2.2 million dollars of altcoin LINK in total. After these transfers, the trading firm Jump Trading was able to transfer the LINK coins it obtained from the trade between its holdings and Cumberland to another wallet address. This wallet currently holds 2.4 million LINK coins, worth a total of $15.55 million. The reason for these purchases made by the big corporate whale is still unknown, but experts explain that LINK’s strong growth attacks lie behind these purchases.
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