Blockchain analytics firm Santiment has identified several altcoins experiencing a surge in large transactions by major holders.
Analysts at the firm advise keeping an eye on assets with unusual spikes in whale activity, as these movements could indicate significant market shifts.
According to Santiment’s data, Fasttoken (FTN) and OCD recorded the highest increase in transactions exceeding $100,000 over the past week, both surging by 600%.
Dai on the Optimism network followed with a 462% rise, while Wrapped Ethereum on Optimism saw a 412% increase. PancakeSwap also experienced notable growth, with whale transactions jumping 203%.
Dai on Avalanche and FTX Token both recorded a 100% rise in large transfers. USD Coin on the BNB network increased by 74%, Nexo by 60%, and AIOZ Network by 50%.
Despite leading the weekly list, FTN’s whale transactions have actually declined by 13% over the past month, suggesting that its recent spike may not indicate sustained activity. Similarly, both DAI and FTT have seen their whale movement decrease when looking at a longer timeframe.
Pi Coin has recently plunged to an unprecedented low of $0.51, representing a staggering 83% drop since reaching its peak in late February.
Following the announcement of bilateral tariffs by US President Donald Trump on April 2, coinciding with Independence Day, and China’s prompt response, the cryptocurrency market has seen significant downturns.
Grayscale has taken a significant step by filing an S-1 form with the U.S. Securities and Exchange Commission (SEC) to transition its Solana Trust into an exchange-traded fund (ETF).
Coinbase is making moves to expand its crypto derivatives offerings by filing with the US Commodity Futures Trading Commission (CFTC) to introduce futures contracts for XRP.