Candlestick is a new tool in the world of whale wallet tracking, gaining attention for its user-friendliness and affordability.
Original source: medium
Original title: Navigating the CryptoSeas: TheCompleteGuidetoWhaleWalletTrackingin2023
Original author: ShantanuGupta
Compiled by: Yvonne, MarsBit
In the unpredictable waters of cryptocurrency, whales lurk. These are not giant creatures of the ocean, but crypto whales—individuals, groups, or entities that hold large amounts of digital assets. Just like financial giants Warren Buffet or Peter Lynch in traditional finance, crypto whales have the ability to change markets through their actions. In this guide, we’ll take a deep dive into crypto whale wallets, exploring their importance, benefits, and introducing the top tools available in 2023.
Learn about crypto whales
Crypto whales are heavyweights in the cryptocurrency space. They are those extremely influential people who hold large amounts of a certain coin. Their transactions and decisions could trigger massive changes in the crypto market. Tracking these crypto whales can provide traders and investors with valuable advice.
The Importance of Tracking Crypto Whales
Why should you be interested in tracking crypto whales? Here are the reasons why you should be convinced:
1. Understand Intent: By monitoring whale wallets, you can learn whether they plan to hold the token for the long term, or if they intend to sell the token, which may affect the token price.
2. Top staking wallets: Whale wallet tracking can help you keep an eye on the top stakers of your tokens, helping you evaluate whether they are hoarding or selling their staked tokens.
3. Trading Movement: When a whale moves tokens from a wallet to an exchange, it usually indicates an intention to sell. By tracking these changes, you can make more informed trading decisions.
Top Whale Wallet Tracking Tools for 2023
Now, let’s explore some of the leading whale wallet tracking tools available in 2023:
1. Candlestick (new and avant-garde)
Candlestick is a new tool in the world of whale wallet tracking, gaining attention for its user-friendliness and affordability. Using Candlestick you can:
-Find the top wallets on each chain.
-Track on-chain activity for wallets you follow.
- Customize data using filters.
-Set event alerts via browser notifications or Telegram .
2. Nansen
Nansen is a well-known on-chain analysis tool that offers a range of features to investors and traders. Features worth noting include:
- Token God Mode: Analyze on-chain data for specific tokens, including token concentration, token trends, and top decentralized and centralized exchanges holding tokens.
-Wallet Analyzer: Check blockchain-enabled wallet details using predefined templates.
3.DeBank
DeBank is another highly regarded tool for monitoring crypto whales. With DeBank you can:
- Discover the top holders of a specific coin.
- Monitor the most active users in the protocol.
- Check wallet activity for any address.
4. Blockchain browser (e.g., Etherscan)
Each public chain, including Ethereum, Solana and Polygon, has its own blockchain browser. These tools can help you identify token holders and further track whales. Here is the process of using the Ethereum blockchain browser Etherscan:
Visit the Etherscan token list page.
-Select the tokens you want to explore.
- Click "Holders" to identify independent wallets (not exchanges or smart contracts).
-Analyze wallet addresses to identify potential smart wallets.
5. DexCheck
DexCheck is an actionable analytics solution tailored for DeFi and NFTs. DexCheck’s “Crypto Whale Tracker” feature allows you to discover profitable whale wallets based on the wallet’s dollar size. You can sort the data based on different timeframes (1D, 7D, and 30D) and even copy the wallet address to investigate further.
Tips for Successfully Tracking Crypto Whale Wallets
While having a crypto whale wallet tracker provides a competitive advantage, building your own approach is critical to success. The following suggestions are for your reference:
1. Discover early winners: Identify wallets in early-stage investment projects and monitor their activity to capture potential future success opportunities.
2. Avoid airdrops: Be careful with wallets that accept airdrops as this may not always mean smart money. Scam projects often use airdrops to gain visibility.
3. Maintain a private list: Create and update a list of top crypto whale wallets based on your trading or investing style. Share only with trusted partners for collaborative tracking.
Tracking crypto whale wallets is an exciting and potentially rewarding strategy in the cryptocurrency market. By using the right tools and taking a thoughtful approach, you can navigate the volatile seas of crypto trading with confidence.
Disclaimer: Cryptocurrency investing involves inherent risks, and thorough research and caution are crucial when making investment decisions.
