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Fantom’s Sonic Boom: 19-Month Activity High After 46% Drop

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  • Fantom’s on-chain activity surges after a 46% price drop, with daily active addresses reaching a 19-month high.
  • Whales holding 10M-100M FTM have added 31.5M coins in 4 days.
  • FTM price plunged 60% after the Sonic upgrade due to confusion and FUD among investors.

Fantom (FTM) onchain activity soared after a 46% market cap drop since December 15th. However, recent activity suggests a potential resurgence for the blockchain platform.

Data from Santiment has noted that daily active addresses have reached a 19-month high, indicating a surge in on-chain activity. This increase in engagement is coupled with a significant accumulation of whales. Over the past four days, whales holding between 10 million and 100 million FTM have added a substantial 31.5 million more coins to their wallets, amounting to approximately $23 million.

Market observers attribute this heightened activity to an upcoming upgrade for Fantom. The platform is undergoing a rebranding, transforming into Sonic (S), and its tokens are currently being bridged. This transition has likely spurred increased activity as users and investors prepare for the changes.

Things looked different a month ago. FTM took a major hit dropping by 60% from its all-time high following the highly anticipated Sonic upgrade.

Fantom Plunges Post-Sonic Upgrade Amidst Confusion and FUD

It seems the initial excitement might have been tempered by some confusion and uncertainty. Analysts attribute the decline to a combination of factors, including widespread FUD (fear, uncertainty, and doubt) within the community.

Fantom
Source: Hekmachine

A major factor behind the sell-off is the reluctance of a large number of FTM holders to bridge their tokens to the new Sonic network. This hesitation arose from concerns surrounding the migration process and the potential for complications with cryptocurrency exchanges. Adding to the confusion, some exchanges have mistakenly used the term “delisting” instead of “migration,” further alarming investors.

The overall uncertainty surrounding the transition has created a negative sentiment within the FTM community, leading to a sharp decline in the token’s value.

The transformation of FTM into S with the Sonic upgrade is anticipated to be a significant catalyst for decentralized finance (DeFi) on the platform. With the upgrade, users can expect blazing-fast transaction speeds and a thriving ecosystem.

Dogecoin Whales Buy 210M $DOGE During Recent Price Correction

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  • Dogecoin whales accumulate 210M DOGE tokens during the recent price dip, indicating strong bullish sentiment.
  • These large investors are capitalizing on the current market conditions to acquire DOGE at a discounted price.
  • While the long-term outlook for DOGE remains positive, traders are advised to exercise caution in the short term due to high volatility and the potential for losses.

Amidst a volatile crypto market, Dogecoin whales have scooped up large positions totaling 210 million DOGE tokens. This influx of funds during the recent price correction has sparked renewed interest in the popular meme coin.

Market analyst Ali noted that whales have capitalized on the recent price dip to accumulate DOGE at a discounted price. On-chain data shows that a single whale address acquired 100 million $DOGE in a single transaction. Additionally, multiple other whale addresses have been actively accumulating the coin, further solidifying the bullish sentiment surrounding DOGE.

These strategic moves by such large investors suggest that the cryptocurrency is undervalued and poised for a potential uptrend. Additionally, the surge in buying pressure from whales can help stabilize the price fluctuations of $DOGE and may even contribute to a potential price rebound.

Future Outlook for Dogecoin

While the recent whale activity has generated excitement, it’s crucial to remember that the long-term success of DOGE will depend on a variety of factors, including community support and broader market trends.

However, some analysts are urging restraint in the current market conditions. Over time, we expect the meme coin to appreciate in value, but the short-term outlook is characterized by significant volatility and potential losses.

Dogecoin
Dogecoin Whales Buy 210M $DOGE During Recent Price Correction 3

Market analysts warn that attempting to time the market within this range could result in substantial losses. Instead, a more prudent strategy for most investors would be to maintain a long-term “hold” position.

The current price range is characterized by frequent price fluctuations, making it difficult to predict short-term trends. This volatility can lead to sudden and significant price drops, catching unsuspecting traders off guard.

While Dogecoin’s underlying technology and community support continue to grow, it’s essential to approach trading with a disciplined and risk-management mindset. By avoiding impulsive trades and focusing on the cryptocurrency’s long-term potential, investors can position themselves for future gains.

Shiba Inu’s Shift To Bullish Terrain: Here’s Why

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A day after the initiation of the first spot ETF, Shiba Inu embarked on a bullish trajectory, signaling the commencement of a bullish market phase. This shift was evident as the meme token successfully shed a zero from its market price, a pivotal milestone historically linked to significant bull runs for SHIB. Another noteworthy aspect contributing to this bullish sentiment was the discernible movement of large holders, commonly known as whales.

According to recent data obtained from prominent on-chain platform Lookonchain, a substantial outflow of SHIB tokens from Binance was identified. Over the past month, four significant wallets managed to amass a total of 2.39 trillion SHIB, equivalent to $24.15 million and subsequently withdrew these assets from various exchanges.

Shiba Inu
Shiba Inu's Shift To Bullish Terrain: Here's Why 5

A detailed examination of the data unveiled specific whale movements. An anonymous wallet identified as 0x03A6 amassed 136.86 billion SHIB, equivalent to 1.38 million dollars, from Binance within the last 30 minutes. Another wallet, 0xF633, accumulated 1.44 trillion SHIB, corresponding to $14.54 million, from Binance and Gateio over the past three days.

Wallet 0xa656 accumulated 237.87 billion SHIB, amounting to $2.4 million, from Binance approximately 19 days ago. Additionally, Tron Founder Justin Sun was noted to have acquired $577 billion SHIB, equating to $5.82 million, from Binance around 20 days ago.

Shiba Inu’s ETH Incineration

The significance of these transactions lies in the fact that cryptocurrency whale behavior often serves as a precursor to emerging trends and price fluctuations within the crypto markets. As of the present moment, the mentioned cryptocurrency address holds a substantial 136,865,983,865.07 Shiba Inu tokens, constituting 89% of the whale’s overall crypto portfolio. This recent move aligns with three other notable whales exhibiting a similar trend.

Furthermore, the official team affiliated with Shiba Inu recently declared the intentional burning of a noteworthy quantity of Ethereum tokens [ETH]. This revelation was communicated through a post on the Shib account on platform X, disclosing the deliberate burning of 200 ETH over the course of a month.

Ethereum Top 10 Whales Flock To Self Custody

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Ethereum’s top 10 largest holders’ wallets are displaying a noteworthy trend, as reported by Santiment, a prominent data aggregator. The wallets associated with exchanges have experienced a decline, reaching 8 million ETH, marking the first instance in 24 weeks and hitting a 6-month low. In contrast, non-exchange wallets have surged to an unprecedented high, reaching 41.03 million $ETH. This shift suggests a growing trend among whales to transfer more coins into self-custody.

Ethereum
Ethereum Top 10 Whales Flock To Self Custody 7

This development carries significance as whales currently control 52% of Ethereum’s circulating supply, reinforcing the thesis that it may positively impact the price of ETH. Notably, this movement aligns with a slight uptick in the trajectory of ETH prices after a recent 5% drop. Despite this, the leading altcoin is maintaining its position above the crucial $2,000 level.

The observed trend also coincides with the Ethereum Foundation’s recent transfer of $2 million worth of ETH. The Ethereum Foundation, the organization behind the creation of the ETH blockchain, has executed similar transfers in the past. Notably, they moved 1,000 ETH to the same multi-signature wallet almost three months ago and another 1,000 ETH about six months ago.

The purpose behind these transactions remains unclear, and there has been no official commentary from any Ethereum representative regarding their intent. The altcoin remains a focal point of discussion concerning the issue of staking centralization.

Vitalik Buterin’s Blueprint for Ethereum Staking Enhancement

Not long ago, ETH co-founder Vitalik Buterin emphasized the need to revamp Ethereum’s staking process to enhance the efficiency of mining and staking pools, aiming ultimately to increase the platform’s decentralization. He emphasized the upcoming Ethereum Improvement Proposal [EIP] 4844, commonly referred to as Danksharding, anticipated to notably increase the data map space to 16 Megabytes per slot.

Buterin also suggested a fresh voting mechanism to govern future alterations in the ETH network. This system is designed to offer a more democratic and less intrusive process, potentially removing the necessity for hard forks.

Bitcoin Touches 17-Month Peak Amid Whales & Utility Surge

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The price of Bitcoin skyrocketed to a significant milestone, hitting $35.2K today, a level not seen since May 2022. This historic achievement was propelled by a series of noteworthy events in the cryptocurrency market. Whale transactions, a key indicator of large trades made by influential investors, surged, reflecting a robust on-chain movement and hinting at a sustained upward trajectory. Additionally, a surge in active addresses, reaching levels reminiscent of October 2nd, provided further evidence of the cryptocurrency’s growing popularity and utility.

An intriguing development was the movement of dormant Bitcoins following the price surge. This movement caused the average age of coins to decrease, adding fuel to the already bullish sentiment prevalent in the market. These collective factors suggested that the recent surge in BTC’s price might just be the tip of the iceberg, indicating the potential for a prolonged bullish trend.

Bitcoin
Bitcoin Touches 17-Month Peak Amid Whales & Utility Surge 9

Adding to the excitement was the prevailing enthusiasm surrounding Exchange-Traded Funds [ETFs] in the United States. Stephan Livera, a renowned BTC podcast host and Head of Education at Swan Bitcoin, expressed his belief that the ongoing rally was merely a prelude to a massive bull run, predicting a peak value of approximately $500,000. Livera highlighted the significance of the approval of a spot Bitcoin ETF, stating that it would significantly impact Bitcoin’s price dynamics.

The recent surge in BTC’s price, fueled by the ETF frenzy, led to a temporary 10% spike, driven in part by a false report suggesting the approval of BlackRock’s iShares Bitcoin ETF application by the Securities and Exchange Commission [SEC]. Despite this setback, speculations surrounding an eventual ETF approval continue to circulate, keeping market analysts on the edge of their seats.

Bitcoin’s 75% Rise Post ETF Launch- Expert

Galaxy Digital research associate Charles Yu delved into the potential impact of Bitcoin ETFs on the market. He estimated the total addressable market size for BTC ETFs to be a staggering $14.4 trillion within the first year post-launch. Yu’s analysis considered the potential price impact of fund inflows into Bitcoin ETF products, using gold ETFs as a baseline comparison. According to his projections, BTC’s price could experience a 6.2% increase in the initial month after the ETF release and would gradually stabilize at a 3.7% monthly increase by the twelfth month post-launch.

These developments, coupled with expert analyses and market speculations, paint an exciting picture of the future trajectory of Bitcoin’s price, indicating the potential for further growth and a sustained bullish trend in the coming months.

Chainlink Whales Scoop Up 4M LINK Worth $24M In 10 Days

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A prominent crypto analyst, Ali, has recently disclosed that Chainlink whales have acquired significant LINK over the past 10 days, resulting in an aston­ishing total of $24 million. To support this claim, Ali shared a scree­nshot of the LINK/USD daily chart, showing a steady rise in the crypto token’s value during that period with a minor corre­ction.

Re­markably, these purch­asing activ­ities coincided with the news of Chain­link’s succe­ssful compl­etion of a block­chain exper­iment in collab­oration with Swift, an interbank commun­ication system. As part of Swift’s Digital Asset Innovation Program, the experiment facilitated tokenized value movement across multiple private and public blockchains.

This initi­ative strives to explore the potential applic­ations of distr­ibuted ledger techn­ology (DLT) in cross-border payments and secur­ities settl­ement. Notably, Chainlink played a vital role by offering Oracle services to connect Swift’s existing infrast­ructure with different DLT platforms.

According to Santi­ment, a reputable crypto analytics platform, there was substantial growth within Chain­link’s key whale tier during these 10 days. This group holds anywhere between 10,000 and 100,000 LINK tokens and expanded their holdings by incorp­orating over 3,127 wallets into their network. 

In terms of overall supply volume, this repre­sents an increase equiv­alent to 0.154%, totaling approximately $9.6 million worth of LINK tokens. A­dditionally reported by Santiment is that within just three days’ time frame alone, this parti­cular address class added an impre­ssive count of 98 new wallets to their portfo­lio.

Chainlink Founder Hails Tokenization As The Next Frontier Of Finance

Sergey Nazarov, the founder of Chain­link, expressed his enthu­siasm for the potential partn­ership between Chainlink and Swift. In a blog post dated Sept. 8, he highlighted the incre­asing recognition among major financial institutions and leading market infrast­ructures regarding the value of tokeni­zation. 

This signifies a pivotal moment for block­chain adoption in capital markets, with on-chain finance emerging as the new frontier. Curre­ntly, LINK is trading at $6.07, refle­cting a 2.10% decrease over the past 24 hours. During periods of price dips, large holders or “whales” typically take advantage to acquire more tokens at disco­unted prices. 

However, it’s important to note that LINK might face some downside risk as it appro­aches a death cross formation on its daily charts. A death cross denotes when the 50-day moving average falls below the 200-day moving average and is generally regarded as a bearish indic­ator. 

Previous instances have shown that a death cross often precedes a bottoming phase for Chain­link’s price traject­ory. In June, following the occur­rence of a death cross, LINK reached its lowest point at $4.83 before experiencing subse­quent highs of $8.39 within just under one month.

Related Reading | Chainlink’s Key Accumulation: Wallets Holding $10K-$100K LINK Soar

Cardano Whales Unload 1B ADA Tokens In A Week

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Cardano Bearish Signal: Whales Ramp Up Dumping

Cardano whales’ recent activity has sent ripples through the cryptocurrency community. Highlighted by seasoned crypto expert Ali Martinez on the X platform [formerly Twitter], these influential investor groups have significantly increased their selling and redistribution efforts in the past week, moving a jaw-dropping 1.02 billion ADA tokens, equivalent to approximately $265 million based on current market prices. This substantial transfer of ownership could potentially foreshadow heightened volatility within the Cardano network.

Cryptocurrency whales, recognized for their substantial holdings in a particular digital asset, wield significant influence over market dynamics. Consequently, their actions are closely scrutinized by traders and enthusiasts alike, offering valuable insights into market sentiment and potential price trends.

image 19 7
Cardano Whales Unload 1B ADA Tokens In A Week 11

While it’s not uncommon for large holders to adjust their portfolios, the scale and timing of these recent transfers have captured considerable attention. Not too long ago, these influential entities were actively accumulating ADA tokens, sparking bullish momentum. However, as September arrived, a noticeable shift occurred.

Now, with relatively subdued price movements and whales offloading their tokens, the resulting selling pressure has dampened any previously existing bullish sentiment. The redistribution of ADA tokens could convey various messages. Whales may be rebalancing their asset allocation, securing profits from earlier investments, or positioning themselves for forthcoming developments within the Cardano ecosystem.

Cardano’s Price Prediction In September

As recently reported by TronWeekly, Changelly, a well-regarded cryptocurrency platform, has offered projections for ADA’s price in the near term, suggesting a potential range of $0.235 to $0.280 for the month. The average price for ADA throughout September is estimated to hover around $0.257.

It’s crucial to acknowledge the current climate of heightened volatility in the cryptocurrency market. Many altcoins have experienced substantial price fluctuations within the past 24 hours, underscoring the ever-evolving nature of this crypto landscape.

For Cardano enthusiasts and investors, monitoring the activities of these crypto whales provides invaluable insights into the ecosystem’s overall health and future trajectory. While drawing conclusions solely from such movements should be approached with caution, it underscores the necessity of vigilance and informed decision-making in the dynamic world of cryptocurrency.

Coinbase Sees Surge in Activity Driven by 2023’s Fresh Whale Wallets

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Coinbase has just made its Base platform publicly available, marking the launch mere hours ago. This L2 blockchain represents a pioneering move as it’s the first of its kind to be introduced by a publicly traded company. For Coinbase, this marks a novel avenue for generating revenue. The company will accrue user fees by overseeing its own blockchain operations. Concurrently, the applications developed atop the Base platform will generate an additional revenue stream for Coinbase. A recent analysis report from Nansen has shed light on the fact that a significant number of newly established whale wallets are deeply invested in meme coins across both Base and Ethereum. Regarding the count of these new wallets, the report has underscored:

“22 individuals categorized as ‘Early BASE Whales’ have been identified. Predominantly constituted of new and ‘fresh’ wallets originating in 2023, these investors have made substantial allocations to Ethereum and L2 networks.”

Coinbase’s base and Meme Coins

According to findings from Nansen, the majority of these wallets were primarily engaged with established decentralized exchanges (DEXs) and Layer 2 (L2) bridges. Notable platforms included 1inch, Uniswap, Base, 0x, USDC, and Unibot. Nansen’s research analyst, Jake Kennis, underscored that the substantial engagement with established DEXs, L2 bridges, and the notable presence of Unibot indicated the adoption of Telegram bots and emerging applications.

The analysis highlighted that the on-chain behavior exhibited by these wallets has remained relatively consistent over the preceding 1 to 3 months. Notably, even before the public launch of the coinbase’s Base mainnet, considerable activity related to meme coins had been unfolding. A recent article’s examination revealed that traders had been acquiring tokens such as BALD, COIN, and BASED through DEXes on the network.

Presently, the Base Whales hold Ethereum, while also diversifying their assets into Arbitrum’s native ARB token and the casino token, RLB. Transactions involving meme coins like BALD, TOSHI, and PEPE continue to occur. Intriguingly, another meme coin, named HarryPotterObamaSonic10Inu and denoted by the ticker BITCOIN (distinct from the original BTC), has also managed to capture the interest of these high-volume investors.

Nansen observed that these 22 whales exhibit behaviors intrinsic to the crypto world. All of them have transferred over 100 ETH (equivalent to $185,100) since July 31, which marks the date when Base was accessible to users for direct interaction via a one-way bridge to its smart contract. However, an additional group of users opted to engage with Base upon its official launch day.

Shiba Inu Surrenders To Profit-Taking As Inflows Swell Over 2200%

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Large-scale holders have made Shiba Inu their abode as the token’s capital inflows have shot up by 2200% in the past seven days. Prominent analytics platform IntoTheBlock’s data revealed stunning growth based on the study of funds flowing into addresses belonging to whales or large holders on a weekly, monthly, or yearly basis.

Typically, investors hold between 0.1% and 1% of the circulating supply of a cryptocurrency, while whales typically own more than 1%. Therefore, a sharp increase in major holders’ Inflows may be a sign of active buying. This may be the case given that many of these addresses make purchases on centralized exchanges before transferring them into cold storage.

In addition to that, as these addresses have a tendency to purchase in huge quantities after significant price reductions, spikes in large-holder inflows can also indicate market bottoms. It is crucial to be aware of the outflows from these locations since entities routinely withdraw money they recently acquired for commercial purposes.

Given that SHIB’s price has hastily retraced after a recent high, profit-taking might be the culprit behind the decline. For the first time since May 2023, the price of Shiba Inu surpassed the crucial $0.000095 threshold. After Binance stated that SHIB was a recognized collateral asset for loans on the exchange, the price increased.

Shiba Inu’s Mounting Sell Orders

The crypto exchange’s approval of SHIB as a collateral asset has triggered a bullish market reaction. But some strategic traders appear to be seeking out short-term profit opportunities behind the scenes.

Shiba Inu bears have begun erecting sell-walls, according to a more thorough study of IntoTheBlock’s Exchange On-chain Market Depth chart. The bears have placed active orders to sell 1.5 trillion SHIB tokens, as seen below in bold. This has already surpassed the 1.4 trillion SHIB purchase orders from buyers, which is concerning.

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Shiba Inu Surrenders To Profit-Taking As Inflows Swell Over 2200% 13

The Exchange On-chain Market Depth statistic displays the aggregate purchase and sell orders that traders have recently placed across reputable cryptocurrency exchanges at the current price distribution. As was mentioned earlier, there is a chance that bears will dump a significant amount of SHIB once the ongoing rally reaches a euphoric top.

The price trajectory of SHIB is still mostly bullish overall. However, cautious stop-losses will be used by strategic investors to lessen the impact of any potential flash price correction.

Bitcoin Cash Could Restart Rally To $300, Whales Turn to Arbitrum, Smart Investors Choose VC Spectra       

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Analysts believe that Bitcoin Cash (BCH) could bounce back to its previous figures above the $300 level despite the token’s recent price drops. Meanwhile, Arbitrum’s (ARB) increased whale activity has led to positive predictions about the token’s imminent performance. However, a large portion of the crypto community has chosen to invest in VC Spectra (SPCT) due to the amazing potential of this hidden gem. VC Spectra raised more than $2.4 million in the private seed sale and is currently at Stage 2 of the public presale.

>>BUY SPCT TOKENS NOW<<

Bitcoin Cash (BCH) Aims to Surpass the $250 Threshold in the Next Two Weeks

Bitcoin Cash (BCH) is currently priced at $237.18, dropping by 4.99% over the last two days. Bitcoin Cash (BCH) bears believe that the recent massive withdrawals by Bitcoin Cash (BCH) whales could lead to a pronounced downtrend in the token’s price performance. More precisely, bears predict that Bitcoin Cash (BCH) could trade below $230 by the beginning of August as Bitcoin Cash (BCH) whales choose to redistribute the tokens.

On the other hand, Bitcoin Cash (BCH) bulls predict that the token will consolidate above $250 in the first week of August, followed by a swift rebound to Bitcoin Cash’s (BCH) June 30 high of $305.01. This optimistic prediction is based on the forthcoming $20 million investment in the Cashtokens ecosystem by the Bitcoin Cash (BCH) Ecosystem Fund. 

Arbitrum (ARB) Whales Withdraw $13.5 Million Worth of Arbitrum (ARB) Tokens

Arbitrum (ARB) is currently selling for $1.16, decreasing by 4.62% in the last three days. According to Arbitrum (ARB) bears, the token could drop below $1.10 by the end of the month due to heightened selling pressure.

However, Arbitrum (ARB) bulls expect surges toward the $1.35 range by the middle of August due to the token’s increased whale activity. Five whales recently withdrew massive amounts of Arbitrum (ARB) tokens from Binance, with a total worth of over $13.5 million.

Furthermore, Arbitrum’s (ARB) proposed account abstraction protocol could significantly improve the token’s performance as it would allow the creation of smart contract wallets on the Arbitrum (ARB) platform. On the other hand, Arbitrum’s (ARB) Radiant Capital DeFi protocol expects a $10 million investment from Binance Labs.

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