Crypto whales are at it again, moving around altcoins and shaking things up in the market. Their actions can send ripples through crypto prices and investor mood. Here’s a look at some altcoins that are on their radar and what these trends mean for small businesses and freelancers needing speedy international payments.
Major Altcoins in Crypto Coin Purchase Spotlight
According to Spotonchain, a blockchain analytics service, a whale made a noteworthy move in the past few hours. They pulled the trigger on 189.55 million BEAM tokens, shelling out 1,458 WSTETH, or about $6.7 million, at an average price of $0.03515 per token. This makes BEAM a key piece in the whale’s investment puzzle.
But it’s not just BEAM that caught their eye. Since December 1, the whale has also injected $35.7 million worth of ETH into four different tokens. Here are some of the significant ones:
Fantom (FTM)
The whale bought 10.245 million FTM for $13.5 million. Yet, this investment hasn't been without its own challenges, as it has faced a slight decline, causing a $181,000 loss.
PePe (PEPE)
This whale bought a whopping 531.7 billion PEPE tokens for $11.04 million, which has now turned into a $1.94 million profit.
Aerodrome Finance (AERO)
They also invested $4.43 million in 2.453 million AERO tokens, which has generated $699,000 in returns.
Increased Interest in VIRTUAL
Another altcoin garnering attention is VIRTUAL, the token for Virtuals Protocol, a project powered by AI on the Base chain. Whales have been buying the token in substantial amounts. Two newly activated wallets, likely belonging to the same individual, transferred 10 million USDC from Coinbase to buy 4.25 million $VIRTUAL at $2.35 per token.
Additionally, another whale, identified by wallet address 0xcf4d...b6bc, spent 406 ETH, equating to $1.58 million, to obtain 664,361 $VIRTUAL tokens at $2.39 each.
On December 12, Santiment reported that wallet addresses with between 100 million and 1 billion VIRTUAL tokens saw a notable increase in their holdings. These wallets collectively acquired 6.30 million tokens valued at nearly $15 million, pushing the token's price to a new all-time high. If this trend continues, the token could potentially surpass the $2.60 mark.
The Impact of Crypto Wallet Buy and Sell Activities
Whales engaging in massive buy and sell crypto transactions can significantly sway market prices and liquidity. This volatility might complicate cryptocurrencies' use as a cross-border payment option for small businesses. If a whale's transaction causes a sharp price drop or rise, it makes things risky for smaller companies needing reliable payment options.
Governance and Decentralization: Effects of Crypto Coin Buy Moves
Whales have the potential to impact blockchain network governance, thereby affecting the growth and adoption of payment solutions based on blockchain. If whales leverage their holdings to influence governance in ways that centralize control or yield uneven advantages, it could undermine the decentralized trustworthiness of the blockchain, likely pushing small businesses away from these solutions.
Market Sentiment and Perception: Top Crypto Buying Apps Influence
Whale activity can mold market sentiment and alter how cryptocurrencies are perceived, which can affect small businesses. Large institutional investments might boost confidence in cryptocurrencies, making them appealing for cross-border transactions. Conversely, significant sell-offs could lead to market downturns, making small businesses hesitant to use these currencies.
Summary: Trading on Crypto and the Road Ahead
While whales don’t directly affect payment solutions for small businesses, their ability to create market volatility, influence governance, and shift market sentiment can indirectly affect adoption and reliability of blockchain-based payment systems. Keeping an eye on what whales do could be essential for both investors and businesses as the market keeps evolving.
