In the cryptocurrency market, whales are of great importance. Whales are the largest fish in the “crypto ocean”. In other words, whales are big investors who own a significant amount of crypto. This sometimes gives them the ability to control the market by establishing buy and sell order walls. That’s why investors follow whales closely. For a while, whales have been attracting attention with the purchase of Ethereum (ETH) and Shiba Inu (SHIB). So, what’s been in the focus of whales lately?
Biggest whales recently bought massive amounts of LINK
Some altcoins exhibit strong whale unit and address activity. Oracle provider Chainlink has been the focus of major investors during the current bear market. LINK is in the price range of $6-8, which is seen as a major accumulation zone. At the time of writing, LINK is changing hands at $6.58, down 3.6%. Santiment, which provides analysis of on-chain data, drew attention to the accumulation of whales in LINK. The description of the platform is as follows:
Shark and whale addresses on Chainlink were busy in accumulation throughout the 2022 bear market. Since March 3, these addresses have collectively added 47.31 million LINK to their wallets. This means an additional investment of $312.7 million.
In addition, Santiment drew attention to social dominance in Chainlink. Social dominance on Chainlink has risen recently, according to the platform. This indicates that more investors are becoming active in the Chainlink ecosystem.
SHIB, not ETH: LTC is another altcoin in the focus of whales
According to Santiment data, Litecoin displayed high whale activity last week. According to data from Santiment, Litecoin was under the radar of investors in 2022. But this week has exploded in address activity and whale accumulation, similar to LINK. It came to the fore especially with large transactions over 1 million dollars. These spikes came after Litecoin was bullish on Bitcoin.
Whale activity down on Ethereum
On the other hand, things seem to have changed in Ethereum. Ethereum (ETH), which is the world’s largest altcoin with its market value, came to the fore with a merger last month, as we have reported as Kriptokoin.com. Merge represented the transition of the ETH network from a proof-of-work consensus mechanism to a proof-of-stake. According to Santiment, ETH experienced selling pressure after this merge. Address activity on ETH has slumped to its lowest levels since June 2022. The platform points out the lack of interest in ETH. As such, it marks address activity slumped to its lowest levels in the last four months. This week, less than 400,000 addresses were active on the network.
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