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According to crypto trading experts, an important aspect of a trader’s buying strategy should be observing whale activity in the market and taking action based on that. A new video on Altcoin Buzz’s YouTube channel explored the top three cryptos that the whales are focusing on in recent times. These include Chainlink’s LINK, Maker Protocol’s MKR, and GMX.
According to Santiment, a provider of on-chain data, Chainlink has exhibited notably elevated development activity on GitHub throughout the summer season. This achievement has positioned it among the top 5 most actively developed assets. Furthermore, substantial holders possessing 100K-10M $LINK tokens, commonly referred to as whales and sharks, currently possess the highest volume of coins since December 2022. These entities have amassed over $192 million worth of LINK in less than a month.
🔗🧑💻 #Chainlink's #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. 🐳https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1
— Santiment (@santimentfeed) August 7, 2023
Moreover, in a recently uploaded video on YouTube, Van de Poppe pointed out that following an extended phase of accumulation, the cryptocurrency could potentially experience a surge of more than 50% from its present levels. The analyst highlighted that LINK has been trading within the range of $5 to $9.5 for a span of 450 days, and it is anticipated to undergo a decline to establish a bullish higher-low pattern before initiating a rally.
Currently, LINK is priced at $7.39 and boasts a market capitalization of $3.9 billion, while observing a 20% surge in value over the last month, as per data from CoinMarketCap.
Experiencing gradual declines on the price chart throughout August, Maker (MKR) witnessed a decrease of 11.64% as of the current moment. Despite these downturns in token values, MakerDAO behind Maker, remained in a favorable position. Following the recent exploit on Curve Finance, liquidity providers shifted their focus to MakerDAO.
The Maker Protocol has experienced strong adoption recently, with MKR, its native token, seeing significant activity. Top players in the market, including MakerDAO founder RuneKek has been involved in deposits, swaps, and accumulations RuneKek acquired 1,613 MKR through a swap with an average price of $998.2 per MKR. a16z moved 1,500 MKR to Coinbase at an average price of $970.35 and transferred around 6,900 MKR (valued at $8.08 million) to a new wallet address.
The third crypto that whales are actively engaging with is one within the Arbitrum ecosystem, GMX. The potential for growth within GMX is evident, making the heightened whale activity unsurprising. Lookonchain’s recent report disclosed that a whale invested 5,330 $DAI to acquire $GMX.
GMX leverages decentralized perpetual exchange technology to oversee a rapidly expanding portion of the blockchain domain. This protocol holds considerable promise, with its current trading value at $51.12. Industry experts anticipate that the token could potentially exceed its previous peak of $91.07 in the upcoming months.