- Chainlink’s LINK, Maker Protocol’s MKR, and GMX are attracting whale attention.
- Chainlink’s LINK has seen significant development activity and whale accumulation.
- Maker Protocol’s MKR has witnessed robust uptake despite a downward trend.
Crypto trading specialists emphasize the significance of monitoring whale movements in the market as a crucial part of a trader’s purchasing strategy. A recent video on Altcoin Buzz’s YouTube channel delved into the three primary cryptocurrencies attracting significant whale attention. These are Chainlink’s
Santiment, a leading provider of on-chain data, has reported that Chainlink has shown significant development activity on GitHub during the summer. This has placed it in the top five most actively developed assets. In addition, large-scale holders, often known as whales and sharks, who hold between 100K-10M $LINK tokens, currently hold the largest coins since December 2022. These entities have accumulated over $192 million worth of LINK in under a month.
In a recent YouTube video, Van de Poppe noted that after a prolonged accumulation period, there’s a potential for the cryptocurrency to see a surge exceeding 50% from its current levels. The analyst emphasized that LINK has been oscillating between $5 and $9.5 for 450 days. It’s expected to experience a dip to form a bullish higher-low pattern, setting the stage for a subsequent rally.
LINK is currently trading at $7.39, with a market cap of $3.9 billion, according to data from CoinMarketCap. It has experienced a significant 20% increase in value over the past month.
Throughout August, Maker (MKR) has been on a downward trend, reflecting an 11.64% decrease in value. Despite this depreciation in token price, MakerDAO, the organization behind Maker, has managed to maintain a strong standing. In the wake of the recent security breach on Curve Finance, liquidity providers have redirected their attention towards MakerDAO.
The Maker Protocol has recently witnessed robust uptake, with its native token, MKR, experiencing substantial trading activity. Key market participants, including MakerDAO’s founder RuneKek, have been actively depositing, swapping, and accumulating MKR. RuneKek procured 1,613 MKR via a swap transaction, costing an average of $998.2 per MKR. Venture capital firm a16z relocated 1,500 MKR to Coinbase at an average rate of $970.35 and transferred approximately 6,900 MKR (equivalent to $8.08 million) to a fresh wallet address.
The third cryptocurrency seeing significant engagement from large-scale investors, or ‘whales,’ is GMX, a part of the Arbitrum ecosystem. The growth potential of GMX is clear, which explains the increased activity from these whales. A recent report from Lookonchain revealed that a whale had invested 5,330 DAI to purchase GMX.
Utilizing decentralized perpetual exchange technology, GMX effectively manages a swiftly growing segment of the blockchain sphere. The protocol carries significant potential, currently trading at $51.12. Crypto industry specialists forecast that the token has the potential to surpass its former high of $91.07 in the forthcoming months.
