Following Wednesday’s Federal Reserve’s interest rate cut, the cryptocurrency market has witnessed a resurgence of activity. Crypto whales have been on the prowl amid this renewed enthusiasm, accumulating some altcoins.
Among the top choices for these large holders are Fantom (FTM), Immutable (IMX), and Pepe (PEPE).
Fantom (FTM)
Anticipation around Fantom’s upcoming Sonic Upgrade, along with the broader market recovery following a recent rate cut, has fueled increased activity among FTM whales.
The Sonic Upgrade, set to launch on the mainnet in November, aims to boost the network’s performance by introducing several advancements, including the new Fantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and the Carmen database storage system. Since the Sonic testnet went live on September 6, whale activity in FTM trading has surged.
Read more: 9 Best Fantom (FTM) Wallets in 2024
Improved market sentiment following Wednesday’s rate cut has further contributed to this rise. By September 19, the number of FTM transactions over $100,000 hit 71, the highest daily total in the past 30 days.
Immutable (IMX)
IMX, the native token of Immutable, a Layer-2 scaling solution for NFTs on Ethereum, has garnered significant attention from whales this week due to a sharp rise in NFT sales volume on the network. On September 17, Immutable’s NFT sales volume surged by 125%, largely driven by the Guild of Guardians Heroes collection, which saw sales soar by 145%, reaching $647,067.
Over the past seven days, IMX’s large holders’ netflow spiked by 3709%. Large holders, or whale addresses, hold over 0.1% of the asset’s circulating supply.
A spike in large holders’ netflow — the difference between coins whales buy and sell — signals accumulation, which often indicates a bullish outlook for the asset’s price. As a result, IMX’s value has jumped by 29% over the past week.
Pepe (PEPE)
The frog-themed meme coin Pepe (PEPE) has experienced an 11% increase in value over the past week, driven by activity from crypto whale addresses holding between 1,000 and 100,000 tokens.
Read more: Pepe: A Comprehensive Guide to What It Is and How It Works
According to Santiment, the number of addresses in this group of PEPE holders has surged to 9,044 in the last seven days, marking the highest count since the meme coin’s launch.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
