In early May, Bitcoin and other altcoins saw a decline in their prices, with Bitcoin dropping to $56,500. However, a market rebound occurred, pushing the price of Bitcoin towards the $62,000 mark. During this period, whales, or large cryptocurrency holders, turned their attention to purchasing altcoins. According to data from Nansen, IMX coin was one of the top choices among whales in the last 24 hours.

IMX Coin and Other Cryptocurrencies on Nansen’s Radar

While Bitcoin and altcoins were experiencing a downward trend, the price of BTC dropped to $56,500 before bouncing back close to $62,000. Whales were actively buying altcoins during this time, with the most popular choices being USDC, ZENT, COMP, and IMX.

Reasons Behind Whales' Choices

Whales also made purchases of other cryptocurrencies like ZETA, ENA, weETH, wstETH, aEthWBTC, stETH, and cbETH, focusing particularly on Ethereum derivatives. The preference for these altcoins by whales could be due to various reasons:

ZENT: ZENT is a decentralized finance (DeFi) protocol that provides financial services to individuals without access to traditional financial systems. With the rising interest in DeFi, the demand for protocols like ZENT is also increasing.

COMP: COMP is the token of Compound, a decentralized lending and borrowing platform that allows users to borrow and earn interest using their cryptocurrencies as collateral. The popularity of Compound is driving up the demand for the COMP token.

IMX: IMX is the token of Immutable X, a platform for trading in-game items. As the use of non-fungible tokens (NFTs) in gaming grows, the value of Immutable X and the IMX token is on the rise.

In Conclusion

The interest of whales in altcoins may indicate a shifting trend in the cryptocurrency markets. As the demand for Bitcoin decreases, investors are turning to alternative altcoins. This shift could result in higher prices for altcoins, but caution is advised as cryptocurrency markets are known for their volatility. Conducting thorough research before investing is crucial in this space.