Floki, AAVE, Jasmy, ApeCoin in focus as whale activity jumps

Floki, AAVE, Jasmy, ApeCoin in focus as whale activity jumps

Altcoins such as Floki, AAVE, Jasmy, and ApeCoin are experiencing a surge in whale activity as the cryptocurrency market faces rising volatility.

Floki, the popular meme coin, has seen its whale activity jump by 286% in the past week. Similarly, data from Santiment reveals that AAVE, JasmyCoin, ApeCoin, and Cronos have also witnessed significant increases in whale activity, with some coins seeing a rise of over 144% in the same period.

These whale purchases may signal that investors are capitalizing on the recent price dips, as many of these altcoins have experienced steep declines this month. Floki, for example, has fallen more than 70% from its 2024 highs, approaching its lowest point since March 2024.

A potential catalyst for Floki’s recovery is the upcoming launch of its Valhalla mainnet, scheduled for February or March. Valhalla, the network’s flagship game, is backed by a $43 million treasury and aims to enhance the utility of the Floki token, strengthening its ecosystem.

AAVE, the dominant player in decentralized finance, has also seen a decline, dropping over 33% from its peak in 2023. However, the network recently managed over $200 million in crypto liquidations without any issues, marking a significant milestone for the platform.

JasmyCoin, often referred to as "Japan’s Bitcoin," has seen increased whale activity, especially as the coin fell 58% from its December peak. Data from Nansen shows that the number of Jasmy tokens held on exchanges has decreased, with exchange-held tokens dropping by 3.75% in the last seven days. This shift suggests that investors are moving their tokens into self-custody, indicating they may not be planning to sell anytime soon.

These altcoins may see a rebound later this month, especially with the tariff threat subsiding and U.S. President Donald Trump expected to meet with China’s Xi Jinping. Moreover, Bitcoin's recent price movement, including the formation of a cup-and-handle pattern and a bullish flag, suggests that altcoins may follow Bitcoin's upward trend as the market recovers.