Whales Shift Focus to Under-the-Radar Crypto Projects

Whale activity has shifted from large-cap cryptocurrencies to lesser-known projects this week. This indicates growing interest in under-the-radar assets that may yield higher returns in volatile market conditions.

According to data from leading analytics firm Santiment, cryptocurrencies like Frax (FRAX), USDD, and Axelar (AXL) have seen increased whale transactions. This suggests that whales are accumulating these assets, especially as their market caps decline, signaling potential price bottoms.

Frax, USDD, and FDUSD See Significant Whale Activity Growth

Frax (FRAX) on the Arbitrum network has recorded an 850% surge in whale transactions. This reflects heightened interest in its stability and its critical role within Arbitrum’s ecosystem.

The live price of FRAX is $0.995842, with a 24-hour trading volume of $15.57 million. While the price is up only 0.01% in the past day, this activity points to growing confidence among large investors.

USDD on Ethereum also saw a 700% increase in whale activity. Its $1.00 price and $7.87 million trading volume underscore its appeal as a reliable stablecoin. Additionally, First Digital USD (FDUSD), another stablecoin on Ethereum, experienced a 397.06% rise in whale transactions. Despite a slight 0.01% dip to $0.998021, its trading volume surged to $9.94 billion, showcasing its strong demand in uncertain times.

Emerging Projects Attracting Whale Interest

Axelar (AXL), known for its interoperability solutions, saw a 300% increase in whale transactions. Its live price is $0.699676, down 2.09% in the last 24 hours, with a $20.48 million trading volume.

Read also: These 10 Altcoins Are Seeing Massive Whale Activity: What’s Next?

Similarly, MANTRA (OM), a DeFi-focused project, recorded a 243.31% rise in whale activity. Despite a 10.43% drop in price to $3.59, its trading volume remains robust at $222.98 million.

Established Projects Maintain Relevance

FTX Token (FTT) experienced a 200% rise in whale transactions, likely fueled by speculative interest. Its price fell 8.37% to $2.04, with a trading volume of $60.13 million. The Sandbox (SAND) saw a 137.5% increase, highlighting continued interest in the metaverse. Its price rose 0.43% to $0.339384, supported by a $126.5 million trading volume.

Additionally, Rocket Pool ETH (RETH) and Quant (QNT) experienced gains of 130.65% and 122.35%, respectively. RETH, priced at $3,482.79, increased 0.27%, while QNT rose 2.34% to $89.31.

JasmyCoin ($JASMY), though still seeing a rise of 118% in whale transactions, has faced a 6.8% decline in its price recently. With a current price of $0.019848, Jasmy continues to garner attention despite its volatility.