The Road to Riches: Track Whales and Win Big in the NewDegen 2023 On-Chain Trading Competition!

2023-10-27

The Road to Riches: Track Whales and Win Big in the NewDegen 2023 On-Chain Trading Competition! image 0

The NewDegen 2023 On-Chain Trading Competition is now in full swing! Led by Bitget Wallet in collaboration with renowned project partners, media outlets, and influential figures in the crypto space, the NewDegen 2023 On-Chain Trading Competition is a global DeFi extravaganza that boasts attractive cash prizes of up to 100,000 USDT, and exclusive "Medal of Honor" Soulbound Tokens! Register here!

Not sure where to start? Learn more about the features of Bitget Swap here. What are you waiting for? Start using Bitget Swap now and show us your skills in reaching 100x!

At Bitget Wallet, we understand that trading can be a tricky and challenging experience, even for seasoned traders. Ever wondered why you always seem to be 'late' when entering? Tired of buying a token only for it to encounter a massive sell-off by market movers afterwards? Want to be an 'insider' and be a step ahead of the curve? We got you covered.

In this guide, we will be going through the basics of what crypto whales are and how smart money works, and show you how you can track these movements to your advantage to get an upper hand in the NewDegen 2023 On-Chain Trading Competition.

What are Crypto Whales?

Market movers, oftentimes referred to as "Whales" or "Smart Money", are individuals or entities that hold substantial amounts of digital assets, exerting significant influence over market dynamics. These players typically own a more significant market share than other participants, making their actions highly influential. For example, Bitcoin whales are entities holding over 1,000 Bitcoins in their wallets, controlling a substantial portion of the total supply.

Tracking whale activities is essential because they can significantly impact market directions, prompting many traders to follow their actions to stay with the trend.

Why should you follow Crypto Whales?

Many traders closely monitor whale activities, observing transactions between wallets and exchanges to gauge market sentiment. Crypto whale tracking simplifies trend analysis, as some sources or social media accounts dedicated to whale watching notify the community when significant movements occur. Transactions involving wallet-to-exchange transfers often indicate selling, potentially triggering bearish trends, while exchange-to-wallet transfers suggest buying, possibly leading to bullish trends. Transactions between different wallets may signal indirect buying and selling, which can still be observed and emulated by attentive traders.

If you are aiming to score big in the NewDegen 2023 On-Chain Trading Competition, monitoring the actions of smart money and crypto whales can be a game-changer. Here are some key benefits:

Insights into Market Trends

By observing how capital is flowing, you can gain valuable insights into market trends. While there’s always a degree of uncertainty, understanding the strategies and decisions of those with significant resources can provide a directional guide on why and how they have arrived at certain trading decisions.

Enhanced Decision-Making

Smart money and whales are often at the forefront of market movements. They can signal shifts in sentiment or significant changes in asset prices. Tracking their actions can serve as an early warning system, or 'alpha', allowing you to adjust your strategies accordingly, giving you a macro-level peek into the current landscape and disclosing possible entry / exit points for you.

Identifying Smart Money and Whales

Convinced that following Smart Money is the way to go? The next step would then be to identify these key players. Here are three tips for you to consider so you can snag your next whale:

Tracking Significant Inflows and Outflows

If monitoring individual wallets appears overwhelming, another approach is to track the flow of cryptocurrencies in and out of exchanges. Tools such as Bitget Swap can help you to achieve this by displaying all transactions related to a particular token, giving you a comprehensive view of the token's transaction activities.

Step 1: Access the swap dashboard by tapping "Swap" at the bottom of your homepage, and search for the token you are currently watching.

Step 2: Tap on the "Txs" tab to access the transaction records for the token.

Step 3: You may opt to filter transaction records via "Buy" or "Sell", and you may also tap on the address link on the right side of a transaction record to view it on the associated block explorer for more on-chain information.

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Bitget Swap also helps you to search for specific addresses that have interacted with the token. This can be a useful tool especially when you are watching a certain address and wish to know more about the interactions it has taken with that specific token.

On the transaction records page, tap on the filter icon on the top right, and key in the address you are watching to view all interaction records between that address and the specific token. You may also filter transactions by price range to get a better gauge on users who have bought or sold a token at a specific price - a useful tool when it comes to examining the overall trading activity of the token.

You may also tap on the "Data" tab under a token's profile page to view potential whale activity. Not all tokens are guaranteed to have whale activity recorded on them, so do bear that in mind as you go about conducting your own research to snag your next whale address.

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Keep a Lookout on Social Media

Lastly, you can concentrate on social media surveillance by monitoring announcements and official statements from institutions to assess the level of interest in particular cryptocurrencies. This approach aids in understanding market trends and overall sentiments regarding a specific crypto asset.

There are, however, hidden risks that lie in wait, especially on social media. Accounts that purchase bot followers to look legitimate as well as KOLs who are paid by malicious projects to promote a particular token can all be dangerous for users as they may lead to potential rug pulls. It is therefore still essential for users to practice due diligence, as well as conduct their own research before choosing to follow any potential alpha or whale signal on social media.

Follow Smart Money with Bitget Wallet and Achieve Victory!

Once you have identified a wallet address that you are interested in looking at, the next step would be to track it.

Introducing Bitget Wallet's 'Watch-Only' Wallet – your portal to the world of smart money and whale movements! This cutting-edge feature allows you to effortlessly monitor the balances and transactions of specific addresses without the need to import private keys. Stay closely attuned to the activities of crypto whales, influential figures in the Web3 sphere, or even the assets in your cold wallet – all while receiving real-time transaction notifications.

Rest assured that your private keys remain secure, and join Bitget Wallet to stay ahead of the curve! Follow the moves of industry giants while safeguarding your assets.

Here's how you can add a Watch-Only Wallet to your Bitget Wallet and start following smart money and whales!

Step 1: On your home page, tap your wallet account profile on the top left of your home screen, then select "Add a Wallet", and choose to add a Watch-Only Wallet.

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Step 2: Enter the address that you wish to monitor, before selecting the mainnet assets to watch. Approve notifications to be updated on wallet activities and you're done!

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Please keep in mind that watch-only wallets grant users only observation rights without control. When sending assets, it's crucial to diligently verify the destination address and ensure ownership of the private key for that address. Avoid unintentionally transferring assets to watch-only wallets beyond your control, as you won't have the ability to move those assets out of the wallet without the associated private key.

Closing

Crypto whales and smart money have sizeable influence within the crypto landscape. Their movements and activity can send ripple effects that can change your trading strategy at the drop of a hat, and as such, it is important to not only keep your trading plan flexible, but also to keep an eye out for such movements so that you can stay one step ahead of the rest. Whether is it selling off an asset early before it dips, or buying into another right before it pumps, following whale activity can enhance your overall trading prowess by providing you with valuable insights and information.

Bitget Wallet equips users with the best tools to do just that, providing comprehensive solutions for identifying addresses of interest and tracking them. What are you waiting for? Start tracking an address to follow if you don't already have one, and win big in the NewDegen 2023 On-Chain Trading Competition!

All the best to our participants!

 

Faster Trading, Better Assets. Bitget Wallet, Your Web3 Trading Wallet of the Future.

 

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