Crypto Whales Target Altcoins: DeXe Protocol's DEXE, LayerZero's ZRO, AAVE, TEL, GT, XRP, and ONDO See Significant Increases in Whale Transactions

Analysts have identified a significant trend in whale behavior that could indicate the direction of the cryptocurrency market in the short term.

Cryptocurrency whales are large-scale traders or entities that hold a substantial amount of crypto assets, enabling them to influence market movements. Their activities, such as buying and selling cryptocurrencies in high volumes, are closely monitored by analysts to gauge the direction of the market.

On-chain data from Footprint Analytics shows that the MakerDAO (DAI) stablecoin on the BNB chain experienced the highest increase in whale transactions this week among altcoins with over $500 million market caps.

Specifically, DAI on BNB witnessed a remarkable 800% surge in whale transactions, making it the standout asset among altcoins.

This week, three stablecoins were among the top ten ranked digital assets by the increase in whale transactions. This suggests that funds are being accumulated for potential swaps with altcoins that are common to their trading pairs.

Aside from MakerDAO on BNB, the other two stablecoins are MakerDAO on Arbitrum and a similar stablecoin on the Polygon chain.

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To gain further insight into the crypto market, Footprint Analytics provides a useful tool called the “Whales Footprint Chart,” which highlights the activities of crypto whales.

This chart showcases the total transaction volume of an asset, with each bar representing a specific volume range. The blue bars indicate transactions made by whales, while the gray bars represent transactions carried out by smaller traders.

By analyzing the distribution of transaction volumes across different price ranges, traders can gauge the buying and selling behavior of whales and identify potential price movements.

For example, if a large portion of the transaction volume is concentrated in the lower price ranges, it may suggest that whales are accumulating the asset at a discount. Conversely, if the transaction volume is skewed towards the higher price ranges, it could indicate that whales are selling off their holdings to book profits.

Overall, crypto whale activities play a crucial role in shaping the cryptocurrency market, and keeping an eye on their transactions can help traders make informed decisions.