The craze for meme coins on the Solana network has simmered down due to network congestion issues. As a result, whales, or large investors, have shifted their focus to alternative coins like Pendle, Maker (MKR), and Fren Pet (FP).
Following the Solana meme coin frenzy, whales transformed investments worth thousands into millions through altcoins. Notably, Pendle and Maker garnered significant attention from both whales and institutions. Meanwhile, Fren Pet (FR) witnessed an impressive price surge, rallying 45% in 24 hours and 90% within a week.
How the Market Responded to CPI Release and Smart Money’s Altcoin Moves
Following the CPI release of 3.5%, which surpassed expectations, whales swiftly offloaded a significant portion of their holdings in Solana, Ethereum, and Bitcoin. The sudden surge in consumer prices prompted this move, indicating a cautious approach by large investors.
Despite the sell-off in major cryptocurrencies, observations of whale transactions reveal that smart money is maintaining or even increasing investments in certain altcoins. This strategic shift suggests a reallocation of resources within the crypto market, with whales potentially seeking opportunities in alternative assets amidst market volatility.
Pendle (PENDLE) Surges Amidst Market Turmoil
Pendle (PENDLE) is defying the broader market selloff, experiencing a surge in investor interest. On-chain analytics platforms have noted a significant increase in whale accumulation of PENDLE, reflecting growing enthusiasm and investment in the cryptocurrency.
Platforms like Lookonchain and Spot On chain have reported substantial withdrawals and deposits of PENDLE tokens by whales, totaling millions of dollars. Notably, wallet addresses 0xe675 and 0xAa4c have withdrawn significant amounts of PENDLE tokens from Binance, amounting to millions of dollars over recent days.
For instance, wallet address 0xe675 withdrew 295,443 PENDLE, valued at approximately $1.95 million, while address 0xAa4c withdrew 115,500 PENDLE, worth around $764,000 today. Despite broader market volatility, PENDLE’s price has surged over 27% in a week and more than 115% in a month.
Expectations for further price appreciation are high as Pendle Finance begins to generate substantial fees and revenues, buoyed by increased volume and liquidity. This injection of vitality into the project suggests the potential for continued growth in the near future.
Maker (MKR) Draws Attention Amid Institutional Interest
Maker (MKR), the governance token of MakerDAO and Maker Protocol, is capturing significant attention from both whales and institutional investors.
MakerDAO, the decentralized autonomous organization responsible for the DAI stablecoin, has approved an expansion of the debt ceiling to $1 billion for Ethena’s USDe synthetic dollar. This decision reinforces MakerDAO’s partnership with Ethena and introduces additional yield opportunities for its users.
According to on-chain platforms, 13 new wallets have withdrawn 13,560 MKR tokens worth $47.8 million from Binance within a week. Notably, $30.8 million was withdrawn in the past 12 hours alone. Additionally, three more wallets have initiated test withdrawals of 0.0055 MKR and are expected to withdraw more tokens soon.
Despite a 2% decline in the last 24 hours amid a broader market selloff, MKR’s price currently stands at $3,411. Over the past month, the price has surged by 32%, with an impressive yearly increase of 400%.
Fren Pet Token (FP) Surges Amidst Whales’ Interest
Fren Pet is a crypto mobile game reminiscent of Tamagotchi, built on Base. Its native token, FP, has experienced significant price surges, rising by 45% in the last 24 hours, 90% in a week, and an astonishing 800% in a month.
According to Nansen, whales have been heavily purchasing FP tokens. One prominent buyer has been aggressively acquiring FP over the past two days, with returns exceeding 30% at the time of writing. Their total holdings now surpass $450k.
Notable crypto trader Ansem recently invested $32k in FP tokens following the massive hype surrounding Fren Pet. Furthermore, some whales, who had been holding onto their tokens for weeks, have resumed purchasing FP in the last 24 hours.
As of now, FP is trading at $13.14, with a 24-hour low of $8.68 and a high of $16.38. Trading volume has surged by an astounding 800% in the last 24 hours, indicating heightened market activity and investor interest in FP.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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