In the cryptocurrency market, "whale" activity is generally considered an important indicator that is closely monitored by investors and market analysts. Recently, it has been observed that lesser-known projects have come to the forefront instead of coins with large market caps. According to the data shared by Santiment, AXL coin is among the 10 coins that have increased whale activity and entered the radar of investors last week.
Coins That Whales Are Turning To: AXL and Others$AXL
Whales are investors who make large volumes of transactions in the market and can often cause significant price movements. The coins these investors prefer often have a significant impact on the market and can sometimes be the harbinger of a new rise. As the price of an asset falls and whale activity increases, this usually indicates that the asset is being accumulated and a potential recovery process may be underway.
According to Santiment data, the 10 coins that were most preferred and attracted attention by whales last week were listed as follows:
$FRAX (Frax Finance – On Arbitrum): Frax Finance stands out as a decentralized stablecoin traded primarily on Arbitrum and has been one of the projects that has attracted the most attention from whales this week.
$USDD (USD Digital Dollar – On Ethereum): $USDD, which is traded on Ethereum, stands out as the second ranked coin.
$FDUSD: $FDUSD was another token that attracted strong interest from whales last week.
$AXL (Axelar Network): Axelar Network, which offers cross-border payment solutions, stands out as one of the important projects that have entered the whales' radar.
$OM (Mantra Chain): Trying to gain a foothold in the decentralized finance (DeFi) space, Mantra Chain is another coin that stands out in terms of whale activity this week.
$FTT (FTX Token): $FTT, the token of the FTX exchange, attracted attention again after the uncertainties it experienced after the collapse of the exchange.
$SAND (The Sandbox): The Sandbox is on its way to becoming an important platform for investors interested in the virtual world and gaming industry.
$RETH (Rocket Pool ETH): Rocket Pool and $RETH, which play an important role in the transition to Ethereum 2.0, are among the projects that attract the attention of whales.
$QUANT (Quant Network): Quant Network, which acts as an important bridge between Blockchain projects, has become one of the projects preferred by whales.
$JASMY (JasmyCoin): Finally, JasmyCoin stands out as another project that attracts attention in terms of whale activity.
Whale activity in the cryptocurrency market can often be a sign of a significant market transformation. Large volumes of trading can indicate that investors have positive expectations about the asset in question. However, this may not always be the case. Whale movements can sometimes occur for manipulation purposes. Therefore, it is important for investors to act with caution and caution.