Whale Activity Drives Price Movements
Data from Santiment highlights substantial movements in altcoins such as INJ, ex-MATIC, and RENDER. Key observations include:
- Injective (INJ): On August 21, 2023, a significant transaction was detected involving the transfer of INJ from exchange wallets to cold storage. This trend has continued, leading to a notable increase in INJ held in cold wallets. This increase has been consistent throughout mid-2023, indicating a growing accumulation of INJ outside of exchanges.
- Render (RENDER): On July 21, 2024, Render experienced substantial fluctuations in whale holdings, with a large volume of coins moved to cold storage. Since then, the holdings have remained stable, suggesting a buy-and-hold strategy by whales. This stability post-movement reflects a long-term holding pattern.
Polygon Sees Whale Transition During Network Upgrade
Polygon (formerly MATIC) saw a significant whale activity on September 9, 2024. During this period, a large transfer of Polygon coins was moved from exchanges to cold storage as the network transitioned towards Proof of Liquidity (POL). This transfer aligns with Polygon’s continuous technical upgrades and has contributed to market anomalies, highlighting the influence of network developments on whale behavior.
In summary, the recent whale activities involving INJ, RENDER, and ex-MATIC reveal patterns of accumulation and strategic holding. These movements, coupled with network upgrades and technical developments, have played a crucial role in shaping the current market landscape for these altcoins.
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