🐳Introduction

Whale:

A cryptocurrency whale is a cryptocurrency community term that refers to individuals or entities that hold large amounts of cryptocurrency. Whales own enough coins to influence currency markets. Whales usually have a deeper insight into the market situation due to access to experts and on-chain data, and following their movements can help minor players a lot. Therefore, in this dashboard, we will investigate the behavior of whales in the NEAR Protocol.

NEAR Protocol:

Near Protocol is a layer 1 blockchain. This blockchain provides a platform on which developers can easily build decentralized applications (dapps). Protocols like Near are considered as a challenge against Ethereum. The key criteria for layer 1 networks are transaction fee, speed, and the ability to maintain those characteristics as transaction volume increases. These factors are the focus of layer 1s like Near to improve Ethereum, which has struggled with costs and speed over the past few years.

Image Source

Conclusion

Following whale activists in any ecosystem is very important for its activists. The whales’ transactions, interacted contracts, inflow and outflow from the whale’s wallets and the output from CEXs can give us a deep insight into the market trend.

In the NEAR ecosystem, as seen, the price of the $NEAR token has changed significantly with the increase or decrease in the output from the whales’ wallets, and the displayed data predicts the price trend well. What platforms are used by the big market players, can help the credibility of that platform, and the platforms are aimed at gaining the trust of the whales. NEAR whales know very well the investment situations in the NEAR ecosystem and act at their desired time, so smaller investors and ordinary people must monitor the behavior of whales.

The most important things mentioned in this dashboard:

• The amount of $NEAR hold by the top 20 whales of the NEAR ecosystem accounts for 12% of the coins in circulation.

• Since the beginning of 2023 and with the growth of the cryptocurrency market, the activity of whales has also increased, and whales have tried to increase their assets, including increasing their $NEAR balance.

• The largest number of whale transactions was related to the SWEAT contract.

• Whales have bought the largest amount of NEAR from the Binance exchange.

• During the last 3 months, and as the whales withdraw $NEAR from the exchanges, the price of the $NEAR has doubled.

🔎Key Insights:

The 20 whales of the NEAR chain hold 103 million $NEAR in their wallets, which is about 12% of the $NEAR’s circulating supply. Each whale holds an average of 5.17 million, and the following 3 addresses are the largest NEAR whales:

🥇a778de7fc42034af1c85cac901fd40392dfc1cc69c3a688ea149112f57b0063e

🥈c6d39aa078dbcba02800d1251194d33dbea2122d671435ac1c6ed5ffae383c03

🥉03793fb37ffb46533e9b8ab6b9c7a1ebdd6d84f6ebc151b8f60ec1754bbcada6

🔎Key Insights:

The diagram on the left shows transactions related to 20 whales. As it is clear, we have reached a peak in the number of TXs since the beginning of 2023, and the numbers have doubled by mid-January. Here, all transactions, including transfers between wallets, are also considered, which we have removed in the diagram below, and we have shown only those transactions that were related to smart contracts.

The following chart shows the number of transactions based on the action taken. The extensive share of transactions is related to transfer and swap, which account for over 95% of transactions.

Section 2: Transactions

Section 3: Whales Interactions

Section 4: CEXs

🔎Key Insights:

Tracking whale transactions with centralized exchanges is of great importance if we want to gain deep insight into cryptocurrency market trends. In terms of the number of transactions, 33.34% of whale transactions are related to the Okex exchange, and 30.94% of transactions are related to the Kucoin. In terms of the number of transactions, NEAR whales use less Binance, and other exchanges such as Okex, Kucoin and Coinbase are more popular. But according to the volume of transactions, as it is clear from the graph above, Binance is in the first place. In the second week of January 2023, a high volume of $NEAR entered the Binance and created a peak in the chart.

According to the graphs below, it is also clear that a considerable volume of NEAR was withdrawn from the Binance and deposited into the whale's wallets. In the second week of December 2022, 6.07 million $NEAR were withdrawn from the Binance, showing that whales were increasing their balance of $NEAR to make a good profit with the rising price.

🔎Key Insights:

The graphs in front show the inflow and outflow of whales’ wallets. During the last 3 months, the largest volume entered to whale’s wallet occurred on December 29, 2022, which occurred at the price floor of this token according to the $NEAR price chart. Whales recognize the bottom and ceiling points of the price better! On December 29, the average price of NEAR was $1.3, and after this date, it increased to $2.6, which has doubled.

On February 13, 2023, the amount of $NEAR entering the whales’ wallets has increased significantly, and as a result, it can be assumed that its price is going to increase.

🔎Key Insights:

The graphs on the left also show the net amount of outflow from CEXs and input to whales’ wallets. According to the first graph, on December 14, the amount of input to the CEXs was positive (5.92 million $NEAR), as it is clear from the graph, the price of $NEAR decreased after this date, so it can be said that the whales sent their $NEAR to the CEXs and sold it. Likewise, on January 10, 5.79 million $NEAR moved from CEXs and entered the whales’ wallets.

According to the second graph, as you can see, the cumulative amount of $NEAR output from the CEXs has increased and the net output has become more negative, which has resulted in an increase in the price of $NEAR.

🔎Key Insights:

In this section, we have examined only the transactions that are related to Cexs, Dapps, Defis, etc. platforms. In terms of the number of transactions, whales are more related to Dapps and Cexs. SWEAT platform, Okex and Kucoin exchanges are in the first to third positions. The SWEAT platform has attracted many transactions, but it does not receive a large amount of $NEAR token.

🔬Methodology:

As mentioned in the introduction, this dashboard investigates the behavior of whales and gets useful insights from their movement in the NEAR chain. Flipside's NEAR schema was used for this purpose, the most important tables of which are:

• fact_transactions
• fact_transfers
• fact_actions_events
• fact_receipts
• dim_address_labels
• fact_prices

and this dashboard is divided into 5 parts, which are:

1. Overall Information 2. Transactions 3. Interactions 4. CEXs 5. Staking

In the first part, we extract the general information and wallet address of the whales using Table fact_transfers, then we investigate the transactions that the whales have made on the NEAR chain. In the next part, the interaction of whales in the NEAR ecosystem will be investigated, and in the most important part of this analysis, we will evaluate the behavior of whales in relation to centralized exchanges. Finally, the staking data related to whales is examined.

The graphs given in section 2 to 5 are related to 90 days ago, but you can change the time using the {Days} variable on the top of dashboard. To change the time, you must log in to the Flipside and then click on Apply all parameters by entering the value you want.

Image Source

📈 Analysis:

Section 1: Overall Informations

Section 5: Staking

🔎Key Insights:

The amount of tokens staked by whales is also very important because usually whales buy tokens at floor price and, besides the profit from the increase in the price, they also gain from staking tokens.

As it is clear in the left graphs, the amount of staked $NEAR during the last 3 months is much higher compared to the amount of unstaking, so it can be said that the whales have been collecting as much $NEAR and staking it to make more profit.

🔎Key Insights:

The 10 smart contracts with which the whales interacted the most in terms of the number of transactions and the volume of transactions are shown in the graphs above.

In terms of the number of transactions, token.sweat is in first place with 75.92%. The SWEAT project is one of the most important and considerable projects of the NEAR ecosystem, and many users are active in it.

But in terms of the volume of transactions, cuongboss.near is in the first place with 25.29% and after that tso.near is in the second place with about 18%.

Any Questions❓

Thank you for being with me so far in this analysis. If you have any questions, you can ask through the following ways. I will be pleased to answer the questions.

Discord: Ario#9620

Twitter: Mr_Nobody73

Twitter link for this dashboard: https://twitter.com/Mr_Nobody73/status/1626081711632023552