Crypto: whales are positioning themselves on altcoins

While the cryptocurrency market has been down for a few days, big investors seem to be hoarding assets regardless. The recent price drop is having a significant impact on the whales, which are engaging in larger transactions than ever before.

The crypto market strongly supported by whales

Since the start of the crypto market downturn, transactions exceeding $1 million have been recorded on bitcoin (BTC). Given the large number of wallets involved in these transactions, it is clear that the whales are not just individual investors.

For the time being, nothing justifies this behavior of Whales. On the one hand, it is possible that some whales believe that the price of bitcoin will go up. Thus, they buy now to make profits later. On the other hand, it is also possible that some whales buy BTC for the long term. Therefore, they are not concerned about the current bear market.

Obviously, it’s hard to say for sure what the whales are doing. However, it is clear that they continue to play an important role in the market and bitcoin is not the only asset that benefits.

Altcoins at the top of their game!

For the past few days, the number of active LINK addresses has been increasing sharply. Also, despite the sharp decline in the price of cryptocurrency, activity on the Chainlink network has increased by more than 12% in the past nine days. Apparently, Chainlink’s project is irresistibly attracting the attention of whales.

Another altcoin is taking advantage of the decline in the crypto market. This is Sonik, a coin meme based on the character of Sonic the Hedgehog. Created recently, it aims to become the largest meme coin in the world. The project is still in development, but it has already managed to raise over $84,000 during its presale.

In summary, the motivations behind the whales’ actions are not yet clear. To some extent, they may just be looking for bargains. However, it is also possible that they have more complex objectives. Either way, new information will likely emerge to explain the real motives of these influential crypto players.