- One of the most effective ways to earn profits in crypto trading is to follow the moves of crypto whales.
- Currently, whales are adding more and more of below mentioned altcoins due to their outstanding performance.
There are numerous ways in which a user can earn profits in the crypto space. One way is to follow the activities of crypto whales, telling the user what their wallets are accumulating. If there’s any suspicious buying or selling, it’s pretty much understood that something’s cooking. Let us take a look at what these whales are currently adding to their wallets.
Chainlink (LINK)
A lot of activity has been observed in Chainlink in recent times. Santiment claims that crypto whales are showering their attention on Chainlink’s native token, $LINK. The developer activity on Chainlink’s Github has also witnessed a rise this summer. Moreover, since December 2022, crypto whales and sharks have held the highest number of $LINK tokens.
In July 2023, Chainlink launched its Cross-Chain Interoperability Protocol (CCIP), and following this, a lot of loaded investors swapped their Ether for LINK. Meanwhile. Whales added $6 Million worth of LINK tokens, which caused a 6% increase in the price of LINK tokens.
This CCIP for Chainlink has brought new attention to the network. This CCIP is responsible for building cross-chain applications and services. Currently, CCIP is available on networks like Polygon, Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, and Optimism Goerli.
Due to its inventive oracle services, Chainlink has claimed the top spot in the decentralized finance space. Chainlink saw growth from $2.25 to $50 during the bull run of the market in 2020-21, which reflects significant demand for genuine off-chain data within blockchain applications.
Even though $LINK is trading at $7.50, it continues to be one of the most sought after oracle service providers. Additionally, the protocol’s recent launch of CCIP allows seamless communication among different blockchains.
It is worth noting that the global payment network SWIFT is using Chainlink to connect with different blockchain networks.
Maker Protocol (MKR)
The adoption rate of Maker Protocol has surged significantly in recent times. As per the data, the native token of Maker Protocol, MKR, has witnessed a considerable amount of deposits and swaps.
Interestingly, the Co-Founder of MakerDAO, Runekek acquired 1,613 MKR in exchange for 1.61 million DAI, which is MakerDAO’s native token.
The venture capital firm a16z recently transferred 1.5k of MKR to Coinbase at an average price of $970.35. The company also transferred $8.08 million worth of 6.9k MKR to a new wallet address.
The data also shows that HoldingCms accumulated 1,325 MKR from Binance and Bitgert between June and July, with an average price of $799.5. It is believed that this piqued interest in MKR is due to Maker’s buyback program.
GMX
Crypto Whales seem to be quite involved in the Aribitrum ecosystem, which is why one of the projects at GMX has caught their eye. It’s not shocking that whales are gaining interest in GMX; after all, it has everything that it needs to grow.
GMX employs its decentralized perpetual exchange technology to manage the growing blockchain space. As per the data provided by Lookonchain, a whale spent around 5,330 $DAI to get $GMX. GMX is currently trading at $47.31. Experts believe that this number will surpass its all time high of $91.07 in the upcoming months.
