Blockchain analytics platform Santiment has spotted some crypto projects with a significant spike in whale activity this past week. These projects gained attention due to their discouraging whale transaction level compared to the prior week. The spotted crypto projects include Cronos (CRO), Aave (on Polygon and Optimism), and Toncoin (TON), among others.
CRO, AAVE, TON Whale Boost
The Santiment data shows that Cronos (CRO) saw the biggest surge in whale transactions, reaching as high as 255%. AAVE on Optimism followed with a 100% jump from the prior week.
With a slight deviation, AAVE on Polygon recorded only a 50% surge in whale activity. Beyond CRO, AAVE, and TON, Santiment also profiled other protocols. Ethena USDe saw an 82% surge, and MakerDAO DAI recorded a 75% increase.
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The others, including USDC, WETH, TON, IRX, and ARB, saw their whale activity skyrocket by around 25% to 57%. This sentiment underscores the general upsurge in whale activity in the crypto market.
Santiment believes that most of these aforementioned crypto projects could be prime candidates for upcoming price rallies.
Crypto whales may influence the price and liquidity of a cryptocurrency. Whales are generally classified as holding more than 100,000 units of a particular asset. Due to their potential to affect the market, the crypto community usually observes their activities to track price behavior.
Potential CRO Catalyst: zkEVM Public Mainnet Launch
CRO has stayed on the radar in the last two months with a positive overall sentiment. This heightened activity is fueled by a series of events within its ecosystem.
The Cronos zkEVM public mainnet (alpha) launch took place in mid-August. This marked a significant milestone for the project’s growth calendar. In addition, Cronos has tied up with some launch partners, including Pyth Network, Earn Network, and Zyfi.
CRO’s Total Value Locked (TVL) has equally seen sizable growth this year, suggesting a willingness to invest in the project.
In the last 24 hours, its trading volume has soared by 57.68% to $5.9 million. In contrast, CRO price was trading at $0.0792, down by 1.27% in 24 hours. However, these positive activities surrounding the ecosystem could trigger a change in direction moving forward.
Toncoin And AAVE Ecosystem Expects More Price Rally
Toncoin, which saw a 50% surge in whale activity, is also in the spotlight. Recently, the TON chain surpassed $1 billion, making it the sixth-largest blockchain in terms of USDT locked.
Two weeks ago, CryptoQuant highlighted the notable increase in new addresses and transactions on Toncoin’s Decentralized Exchanges (DEX).
The TON price has dropped 0.51% in 24 hours to $5.27. Meanwhile, analysts are confident that the Toncoin might grow more amid the emergence of different mini-games on the blockchain.
In the last few weeks, AAVE has experienced increased demand. It reached its 52-week high of $178 and sought an extension above the $200 mark. So far, it has fluctuated and is currently trading at $148.55, corresponding to a 0.22% surge in the past 24 hours.
Market observers think AAVE has demonstrated a resilient performance in recent times. Many are optimistic that a sustained whale adoption might push it to unprecedented levels soon.
