Altcoins like Floki, AAVE, Jasmy, and ApeCoin are seeing increased whale activity as volatility in the crypto industry rises.
Floki (FLOKI), a popular meme coin, saw its whale activity increase by 286% in the last seven days. Similarly, Santiment data shows that AAVE (AAVE), JasmyCoin (JASMY), ApeCoin (APE), and Cronos (CRO) have seen their whale activity jump by over 144% in the last seven days.
These whale purchases may indicate that investors are buying the dip, as these coins have fallen sharply this month. Floki has dropped by over 70% from its highest level in 2024 and is hovering near its lowest level since March 2024.
A potential catalyst for Floki is the upcoming Valhalla mainnet launch, expected to take place in February or March. Valhalla is the network’s flagship game, backed by a dedicated $43 million treasury. Its goal is to provide more utility to the Floki token and enhance the ecosystem.
AAVE, the biggest player in the decentralized finance industry, has declined by over 33% from its highest level in 2023. This week was significant for the network as it handled over $200 million in crypto liquidations without issue.
Jasmy’s whale activity also increased as the coin, often referred to as “Japan’s Bitcoin,” fell 58% from its December peak. Nansen data confirms this rising demand, as the number of Jasmy tokens held on exchanges has decreased.
Tokens on exchanges have dropped by 3.75% in the last seven days to 16.19 billion. A decline in exchange-held tokens suggests that investors are moving them to self-custody with no immediate plans to sell.
These altcoins may rebound later this month now that the tariff threat has abated, with Donald Trump expected to speak with China’s Xi Jinping. Further, as we wrote earlier, Bitcoin has formed a cup-and-handle and a bullish flag pointing to further gains ahead. Most altcoins rally when Bitcoin is rising.
