Several altcoins have seen a dramatic increase in whale activity this past week, according to data from blockchain analytics platform Santiment. These crypto projects may be poised for short-term price rallies, and investors should keep a close eye on them.
In an X post, Santiment identified ten digital asset projects with the biggest jump in whale activity: ApeCoin (APE), SushiSwap (SUSHI), Treasure DAO (MAGIC), HOLO (HOT), API3DAO (API3), Frax Finance (FRAX), Aragon Project (ANT), AIOZ Network (AIOZ), MetisL2 (METIS), and Chintai Network (CHEX).
Santiment explained that any cryptocurrency with five times its normal whale transactions in a week “has a much higher chance of major price swings that go against their recent trends.” In other words, if an altcoin has been underperforming, it might become bullish. However, “if the price is already outperforming the market and whale transactions spike, it likely signals a price drop.”
ApeCoin Whale Activity Spikes Following ApeChain Announcement
ApeCoin (APE) whale activity jumped after Yuga Labs announced ApeChain, a Layer 3 solution for the blockchain protocol. While the price initially shot up, CoinMarketCap data shows the altcoin has fallen 15.09% in the past 24 hours and is trading at $1.31 with a market cap of $987 million.
Other Projects Showing Increased Whale Activity
SushiSwap (SUSHI), Treasure DAO (MAGIC), and HOLO (HOT) are up 6.68%, 15.64%, and 1.50% in the past 30 days, respectively. API3DAO (API3) gained 8.90% in the same period. Meanwhile, Frax Finance (FRAX), Aragon Project (ANT), and AIOZ Network (AIOZ) are down 0.04%, 0.51%, and 3.32% in the last month.
Read also: ApeCoin Price Explodes 40% with Layer-3 ApeChain Launch
MetisL2 (METIS) and Chintai Network (CHEX) have risen 1.92% to $0.4497 and 2.47% to $45.51, respectively, in the past 24 hours. METIS is also up 22.22% in the past month, and CHEX has soared 92.23% in the same period.
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