Crypto.com’s Cronos, Circle’s USDC, and Bitget Token see a spike in whale activity this week – why?
Crypto.com’s Cronos, Bitget Token, and Circle’s USDC have seen a surge in whale activity over the past seven days, even as the two exchange tokens’ prices have slumped by more than 7% in that period.
On-chain analysis from Santiment Feed shows that Cronos and Bitget Token recorded the steepest week-on-week increases in whale activity among tokens with market capitalizations above $500 million. Whale transactions on Cronos jumped by more than 1,100% compared with the previous week, while Bitget Token activity climbed by 800%.
USDC on Optimism also ticked upwards more than fivefold over the same period, placing the stablecoin among the most transferred assets despite its price peg to $1.
