Altcoin Giants See Unprecedented $10M+ Whale Moves: Santiment

Altcoin Giants See Unprecedented $10M+ Whale Moves: Santiment

Blockchain intelligence firm, Santiment, has recently observed a remarkable increase in whale activity for several digital currencies. 

In a recent tweet, transfers worth over $10 million were observed, making it one of the year’s top three days for whale movement. Among the notable projects experiencing increased whale activity are Polygon (MATIC), Chiliz (CHZ), Curve DAO Token (CRV), and Tether USD (USDT).

Image source: Santiment

The Big Swimmers: MATIC, CHZ, CRV, and USDT

Curve DAO Token experienced a similar fate as several other altcoins, with a loss over the tail end of the week. As of the most recent reports, CRV’s price was $0.7655, following a 2.69% increase over the past 48 hours. The altcoin noted a 10.02% increase in its daily trading volume, reaching $59M.

Polygon (MATIC), despite leading the way in terms of whale activity, was not spared from losses. MATIC traded at $0.7658 at press time after recording a 2.66% growth over the past 24 hours. 

Chiliz (CHZ), a fan-engagement platform for sports and entertainment, experienced a slight dip. Over the previous 24 hours, CHZ’s price dropped to $0.0761, a 0.44% decrease. The crypto was outperformed by BTC and ETH. Chiliz, however, has strengthened its global standing through partnerships with some of the most prestigious sports organizations worldwide, such as FC Barcelona, Juventus, Manchester City, and Paris Saint-Germain.

Tether USD (USDT), in contrast, saw a slight rise in its total market cap. At the time of the report, USDT’s market cap stood at $83,315,439,273, marking a 0.09% increase in the last 24 hours. The stablecoin briefly lost its peg to the dollar this week, dropping to a daily low of $0.9995. However, it promptly regained its footing, trading at $1 at the time of reporting.

Amid the recent movements, Tether, the issuer of the stablecoin USDT, has forged a strategic alliance with the government of Georgia. A Memorandum of Understanding (MoU) was signed between the two parties to stimulate the development of bitcoin and the country’s peer-to-peer (P2P) infrastructure.

This collaboration aims to establish essential foundations for a vibrant startup ecosystem in Georgia. By attracting global attention and investments toward decentralized space, the partnership aims to nurture the growth of P2P technology at the state level and facilitate the creation of related financial tools.

Whale Activity Signals Potential Shifts

Even though these digital currencies have not experienced significant rises, the increased whale activity could be a precursor to significant changes in the market dynamics. The strong ties between these cryptocurrencies and major global initiatives reflect the ever-growing influence of the crypto sector.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.