To grasp the impact of crypto whales on the market, whale trackers are essential. They provide insights into the investment strategies of these influential players and their significant influence on crypto values.
And in this guide, I will show you the best crypto whale trackers that you can begin using right away.
Trust me, you will not want to miss them! And it's FREE!
Disclaimer: I have no affiliation with the companies listed here and all actions are purely your own responsibility.
What are Crypto Whale Trackers?
I have included this section should be in case you're just hearing crypto Whale Trackers for the first time.
So, let's take a look at what it is!
Crypto whales are individuals, groups, or organizations with a substantial amount of cryptocurrency, capable of exerting influence on the entire market.
Given their significant holdings compared to regular traders, these participants are aptly called "whales," as they possess a sizeable portion of the total cryptocurrency supply.
Their extensive ownership, typically 10% or more of a specific currency, can significantly impact its value.
While certain crypto whales dominate a significant share of a single currency, many others possess substantial amounts across multiple currencies.
Why Track Them?
The actions of top cryptocurrency wallets can have a significant impact on the value of a cryptocurrency.
By tracking crypto whales, users can gain insights into market movements and make more informed trading decisions.
When crypto whales hold a substantial amount of a currency, the available supply for trading becomes limited.
This limited supply reduces liquidity, making it more challenging to exchange the currency for other tokens or cash.
The movement of large sums by crypto whales affects the currency's value in two ways:
Influx of currency into exchanges, indicating whales selling the currency, often leads to a price decline.
When whales withdraw funds from exchanges and hold them in their wallets, the currency is taken out of circulation. This outflow typically causes the price to rise.
Types of Such Transactions
Here, we cover the types of such transactions you need to know about.
Wallet-to-Exchange Transaction: The movement of crypto by whales into exchange wallets indicates their intention to trade. The volume and type of currency being traded can have an impact on market prices, either driving them up or exerting a negative influence.
Exchange-to-Wallet Transaction: By transferring cryptocurrency from an exchange to a wallet, the circulating volume decreases. This reduction in supply can often increase the price due to scarcity. However, in the case of more stable currencies, it may give the impression of being a less favorable investment and lead to a decrease in price.
Wallet-to-Wallet Transaction: Monitoring wallet-to-wallet transfers allows for the identification of cryptocurrency whales engaging in fund transfers between wallets. Such transactions typically have minimal or no impact on the prices of the currencies involved, indicating potential private over-the-counter trading activities by the whales.
3 Best Crypto Whale Trackers
With blockchain transactions being transparent and immutable, anyone can analyze them.
To efficiently track whale movements and derive insights from blockchain data, utilizing a crypto whale tracker tool is the fastest and simplest approach.
Here are three recommended crypto whale tracking tools for you!
Whale Alert
Whale Alarm is a blockchain tracking and alert service that monitors several blockchains, such as Bitcoin, Ethereum, and HIVE.
The tool offers a free option suitable for beginners, although it does not include notifications.
Traders have access to data on transactions exceeding $500K and a transaction history limited to one hour.
ClankApp
ClankApp provides real-time monitoring of cryptocurrency whale transactions on its website, Telegram, and Twitter.
The tool's main drawback is the lack of detailed charts and graphs to visualize a crypto whale's transactions over time, which is due to its free availability.
By subscribing to the Telegram and Twitter feeds, you can receive email alerts and push notifications.
The app offers free tracking of 24 blockchains through its website, making it suitable for beginner whale trackers. The developer also accepts voluntary donations to support server costs.
Whalemap
Whalemap offers a free account, although understanding the information it provides may require some effort.
Luckily, the Whalemap website is filled with valuable resources, including tutorials on interpreting charts and analyzing data.
The Learn tab on the site offers free lessons on blockchain, trading, and chart reading, making it an excellent choice for beginner crypto traders and those new to tracking crypto whales.
Conclusion
What do you think about this?
I hope you find this blog helpful. Be cautious when investing in and learning about the cryptocurrency sector.
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