30-Day Whale Activity Surges Large Cap Cryptos GateToken Leads

• GateToken is the absolute leader with a 200% boost in whale transactions
• USDC (on Polygon), LEO, LINK, and Toncon round off the top five, all of them having a 100% or larger increase
• Layer-2 blockchains seem to play a notable role in the results

April data shows a 30-day surge in whale activity for cryptocurrencies with over $500M market cap, with GateToken (GT) being a leader at a 200% increase. It’s followed by USD Coin (USDC) at 124.41% and UNUS SED LEO (LEO) with a 100% increase. Also with a 100% raise are Chainlink (LINK) and Toncoin (TON), which are positioned in fourth and fifth place, respectively.

These growths indicate heightened activity from large stakeholders, often interpreted as accumulation behavior, especially when occurring during market downturns.

It’s interesting to note that in the top five, there are two Layer-2 blockchains with USDC being on Polygon and LINK on Optimism. This could point out a possible growing institutional interest in Layer-2 solutions for faster and cheaper transactions.

The uptick in whale transactions aligns with a recent trend of accumulation observed in the cryptocurrency market. For instance, Bitcoin whales holding over 1,000 BTC have shown peak accumulation in early April, implying a positive outlook on the current price. As one might gather, this behavior suggests that large investors are capitalizing on lower prices, potentially anticipating a market rebound.

Rest of the List

There are five more cryptocurrencies on the list, all with a big boost in whale activity. In sixth place is Curve Finance (CRV) on Ethereum, with a 79.25% increase, followed by PAX Gold (PAXG)​ with a 65.71% increase. In eighth place, we have Dai (DAI) on Avalanche​ with a 60% raise. Lastly, there is JasmyCoin (JASMY)​ with 51% and USD Coin (USDC) on Arbitrum with a 46.82% boost.

GT having the highest growth might not be a coincidence, considering that the cryptocurrency has been steadily expanding lately. It reached an all-time high in January ($25.96), and in the next month, its market capitalization rose to $2.04 billion. 

All things considered, the increased whale activity across these projects may serve as a leading indicator for likely price movements. In the past, such accumulation phases have preceded market recoveries. Whatever the case, caution is advised, especially nowadays with a looming trade war between the USA and China.