They say when whales make big moves, they also create massive waves. The recent upsurge in crypto prices is a testament to this.
The soaring crypto trading prices and volumes impressed investors and traders. Bitcoin, Ethereum, and Big Eyes Coin have seen numbers shoot up, further stimulating their respective users to invest. At the same time, it evoked curiosity in the market, wondering what the whales have been up to.
But, what are Whales in the Crypto Industry?
Cryptocurrency whales, or crypto whales, are individuals or entities that own hefty amounts of cryptocurrencies. Due to the size of crypto whales’ holdings, they can intentionally or unintentionally influence price trends—as seen in this week’s trading volume. They are typically coin holders with at least 1,000 BTC (equivalent to $10 million) or more.
Crypto (Bitcoin) Supply Distribution
According to NewsBTC, fish-themed ideas have long been associated with the cryptocurrency sector, derived from traditional trading, where market participants are evaluated according to their successes, skills, and expertise. As such, when the crypto was at its peak, a complete ranking chart of Bitcoin holders and those who hold other cryptocurrencies in Bitcoin equivalent was created.
The crypto grading system is as follows:
Shrimps: <1 BTC
Crab: 1-10 BTC
Octopus: 10-50 BTC
Fish: 50-100 BTC
Dolphin: 100-500 BTC
Shark: 500-1,000 BTC
Whale: 1,000-5,000 BTC
Humpback: >5,000 BTC
What had the whales been up to?
Despite the ongoing US bank crisis, Bitcoin (BTC), as of this week, reached a nine-month high of $26,500, while Ethereum (ETH) peaked at $1,778.
The overall crypto rise could be attributed to a variety of factors, including significant spot-driven buying pressure and a drop in the value of the US dollar. Expounding on the latter factor, crypto behavior analytics platform Santiment suggested that the massive transfers were caused by whales’ concerns about the security of the stablecoin USD Coin (USDC). It had recently disclosed a $3 billion exposure to the now-defunct Silicon Valley Bank.
Bitcoin (BTC) Price Data
According to CoinMarketCap, the live Bitcoin price on Friday was $25,793.09, with a trading volume of $37.54 billion and a market cap of $498.31 billion. BTC has been shooting up double digits by 30.70% in the last seven days.
Ethereum (ETH) Price Data
The live Ethereum price on Friday was $1,705.38, with a trading volume of $9.86 billion and a market cap of $208.69 billion. With this, ETH soared 21.84% in the last seven days. This data is taken from CoinMarketCap.
The global cryptocurrency market cap on Friday was $1.16 Trillion, according to CoinGecko.
Big Eyes Coin Offers Limited-Time ‘300’ Vault Pin
Big Eyes Coin (BIG) is an irresistibly cute feline meme token known for its community-owned decentralised finance (DeFi) ecosystem.
Now in its 12th stage, BIG provides its community with chances of earning extra tokens through the time-limited ‘300’ vault pin! Token holders receive 300% more loot boxes than the previous vault pin, which already provided a 5000% ROI! When they spend more than $100 on $BIG tokens or loot boxes, they get triple the loot.
This week, BIG has raised $31,712,998.23 of funds before its official launch.
Learn More about BIG’s ‘300’ Time-Limited Vault Pin Offer Below:
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido