Solana meme coin mania ends with a network congestion and whales have switched to altcoins such as Pendle, Maker (MKR), and Fren Pet (FP).
STORY HIGHLIGHTS
After Solana meme coin frenzy, whales turned investments worth thousands into millions in these altcoins.
Top altcoins Pendle and Maker grabs major attention from whales and institutions.
Fren Pet (FR) price rallied 45% in 24 hours and 90% in a week.
Whale accumulation is one of the significant indicators for predicting market direction in the coming days. During the Solana meme coin frenzy, whales turned investments worth thousands into millions within days or weeks. Here are the 3 altcoins whales are buying now.
3 Altcoins Whales Are Bullish On
After the hotter-than-expected CPI release of 3.5%, whales sold most of its holdings in Solana, Ethereum, and Bitcoin. As per whale transactions seen by CoinGape, the smart money are still holding their investments or buying some altcoins.
1. Pendle
Pendle (PENDLE) is witnessing a surge in investor interest, defying broader market selloff. On-chain analytics platforms reveal a significant uptick in whale accumulation of PENDLE, with growing interest and investment in the cryptocurrency.
Lookonchain and Spot On chain reported whales had withdrawn and deposited substantial amounts of PENDLE tokens worth millions of dollars. Notably, wallet addresses 0xe675 and 0xAa4c withdrew substantial amounts of PENDLE tokens from Binance, totaling millions of dollars over the past few days.
Meanwhile, 0xe675 withdrew 295,443 PENDLE, valued at approximately $1.95 million, and 0xAa4c withdrew 115,500 of the crypto, worth around $764,000 today.
PENDLE price rallied over 27% in a week and more than 115% in a month. A further rally is expected as Pendle Finance has now reaping huge fees and revenues, with a surge in volume and liquidity injecting fresh vitality into the project.
2. Maker (MKR)
Maker (MKR), the governance token of the MakerDAO and Maker Protocol, has received significant attention from not only whales but also from institutional investors.
MakerDAO, the decentralized autonomous organization behind the DAI stablecoin, has approved expanding debt ceiling to $1 billion for Ethena’s USDe synthetic dollar. MakerDAO strengthened its collaboration with Ethena and offering additional yields to its users.
On-chain platforms reported 13 fresh wallets withdrew 13,560 MKR worth $47.8 million from Binance in a week. Among these, $30.8 million was withdrawn in the past 12 hours. Furthermore, three more wallets have made test withdrawals of 0.0055 MKR and withdraw more tokens soon.
MKR price fell 2% in the last 24 hours amid a broader market selloff, with the price currently trading at $3,411. The price is up 32% in a month, with a yearly rise of 400%.
3. Fren Pet (FP)
Fren Pet is a Tamagotchi-like crypto mobile game built on Base. Fren Pet’s native token FP price has increased by 45% in the last 24 hours, 90% in a week and over 800% in a month.
Nansen reported heavy buying of FP token by whales. A top buyer of FP has been buying aggressively over the past 2 days, with returns over 30% at the time of writing, with their total holdings worth more than $450k.
Crypto trader Ansem purchased $32k worth of FP tokens after massive hype of Fren Pet. Some whales who were holding the tokens for weeks now, have once again buying FP in the last 24 hours.
FP price currently trades at $13.14, with a 24-hour low of $8.68 and a 24-hour high of $16.38. Trading volume has jumped 800% in the last 24 hours.
