We all know that “whales” have a huge influence on the volatility of the crypto market. And in the crypto sectors, we can actually track these activities from the “whale wallets” on blockchains thanks to the transparency. However, tracking these wallets is often quite difficult for new investors.
What is a whale wallet?
Whale wallet or whale in the crypto world is a term used to refer to individuals or organizations that hold a large amount of a certain cryptocurrency. The amount of holdings to be a whale varies depending on each token/coin. For example, for Bitcoin, a wallet holding over 1000 BTC can be considered a whale because what they do with these large amounts of bitcoins can have an impact on the prices.
With strong financial resources, these whales can exert a great influence on the cryptocurrency market. According to BitInfoCharts statistics, the 100 largest whale wallets currently hold 15.36% of the total supply of Bitcoin. Or 15 large wallets are accounting for nearly 52% of the total supply of Dogecoin with more than 29.5 billion coins. Those are very impressive numbers.
Is it possible to track whale wallets?
Publicity and transparency are two of the characteristics that blockchain technology brings. Therefore, users can completely monitor the activity of whale wallets through explorer tools, depending on each kind of blockchains:
- Ethereum: https://etherscan.io/
- Binance Smart Chain: https://bscscan.com/
- Polygon: https://polygonscan.com/
- Optimism: https://optimistic.etherscan.io/
- Arbitrum: https://arbiscan.io/
- Avalanche: https://snowtrace.io/
- Gnosis: https://gnosisscan.io/
In addition, the whale wallets of some major coins are regularly updated by sites like BitInfoCharts. They have also been tracked by many financial institutions or groups, such as Whale Alert when those wallets are “dynamic” or have the potential to affect the market
How to identify and track whale wallets with DePocket app
To track whale wallets ourselves, we first need to identify exactly who to track. The first thing you need to do is visit general research sites like CoinMarketCap or CoinGecko to see which blockchain platform tokens are issued on. Defilearn can take the Kylin project’s KYL token as an example. After looking up on CoinMarketCap, you will have information that the project’s token is issued on the Ethereum platform with the contract: 0x67B6D479c7bB412C54e03dCA8E1Bc6740ce6b99C.
Next, since it is issued on Ethereum, you need to go to Etherscan and paste the token’s contract address into the search bar. In the information section, select “Holder” to see a list of wallet addresses holding KYL tokens. Addresses holding more tokens will be higher on the leaderboard.
However, not every address that holds multiple tokens is a whale. Some addresses will be tagged specifically such as exchange wallets, contracts, investment funds, etc. In addition, carefully studying the token payment schedule and monitoring the token payment activity can also help you identify the wallets of project team members and investors. Excluding all of the above wallets, the remaining wallets that hold a lot of tokens are whale wallets.
So that’s the part of finding whale wallets, we will continue to use the DePocket app to easily track their movements.
Step 1: Access the DePocket app here!
Step 2: In the “Watchlist” section, select “New Watchlist”, then enter the Watchlist name, the whale wallet address with the blockchain corresponding to the token you are monitoring. To monitor multiple whale wallets at the same time, you can go to the newly created Watchlist, select “Edit” and “Add new wallet”, then select “View”.
Step 3: Now you can follow the whale wallet and share your watchlist to other members!
Currently, DePocket also has a nice watchlist of many whale wallets of many tokens, you can go to the “Whales” section to consult and install the “Set alert” function in this section.
If you don’t have much time to research yourself, you can ask for assistance in creating a whale wallet portfolio at the project’s community channels such as Telegram, Twitter, etc. DePocket’s team will create a corresponding watchlist and update it on the “Whales” section.