Whales are of great value in the cryptocurrency market. Whales are the largest fish in the “crypto ocean”. In other words, whales are big investors who own a substantial amount of crypto. This sometimes gives them the ability to control the market by establishing buy and sell command 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 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 mid-$6-8 price range, 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 information, 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. According to the platform, social dominance in Chainlink has increased recently. 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 Santiment’s information, Litecoin was under the radar of investors in 2022. But this week, like LINK, it has exploded in address activity and whale accumulation. In particular, it came to the fore with large processes 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. Koindeks.com As we have also reported, Ethereum (ETH), the world’s largest altcoin by market capitalization, came to the fore with a merger last month. Merge represented the transition of the ETH network from a proof-of-work consensus system to a proof-of-stake. According to Santiment, ETH experienced selling pressure after this merge. Address activity in ETH has dropped to its lowest levels since June 2022. The platform points out the lack of interest in ETH. Therefore, it indicates that address activity has fallen to its lowest levels in the last four months. This week, less than 400,000 addresses were active on the network.