In a recent deep dive into the on-chain activities of certain crypto entities, a group of 22 ‘Early BASE Whales’ was identified. These are primarily new wallets, most of which were created in 2023. A significant portion of their holdings is allocated to Ethereum and Layer 2 solutions (L2s). Interestingly, a large number of these whales have shown a strong inclination towards meme coins, both on the BASE network and Ethereum.
These wallets have been actively interacting with well-known decentralized exchanges (DEXs) and L2 bridges. Among the platforms they’ve engaged with, Unibot has been particularly prominent. Despite the dynamic nature of the crypto market, the on-chain behavior of these whales has remained relatively consistent over recent months.
Key Insights from the Analysis:
- Interactions with Established Platforms: According to data from Nansen, these wallets have been predominantly transacting with recognized DEXs and L2 bridges. Some of the platforms include 1inch, Uniswap, Base, 0x, USDC, and notably, Unibot. Jake Kennis, a research analyst at Nansen, emphasized that the whales’ interactions with these established platforms, especially Unibot, indicate a growing adoption of Telegram bots and new applications in the crypto space.
- Consistent On-Chain Behavior: The analysis revealed that the on-chain activities of these wallets have been fairly stable over the past few months. Even before the public launch of the Base mainnet, there was a noticeable amount of meme coin-related activity. Traders have been actively acquiring tokens like BALD, COIN, and BASED through DEXs on the network.
- Diverse Holdings: While Ethereum remains a significant holding for these Base Whales, they have also diversified their portfolios. Many have moved funds towards Arbitrum’s native ARB token and the casino token, RLB. Meme coins, including BALD, TOSHI, PEPE, and the uniquely named HarryPotterObamaSonic10Inu (with the ticker BITCOIN, not to be mistaken for the original BTC), have also found favor among this group.
- Crypto-Native Tendencies: These 22 whales exhibit strong crypto-native behaviors. Each of them has bridged over 100 ETH (equivalent to $185,100) since July 31. This was when Base allowed users to directly interact with its smart contract through a one-way bridge. Interestingly, another segment of users chose to wait until the official launch day to engage with Base.
The activities of these ‘Early BASE Whales’ provide a fascinating glimpse into the strategies and preferences of significant players in the crypto space. Their actions often serve as indicators for emerging trends and shifts in the broader market.
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