Bitcoin Whales Are Potentially Driving an Altcoin Season | Weekly Whale Watch

Traders and investors are gearing up for a big week, with many crypto events in the pipeline. Accordingly, heightened volatility is expected, but crypto airdrops provide a gateway worth considering.

Crypto airdrops offer investors a chance to join promising projects at their early stages with little to no initial investment. The following airdrop opportunities may be worth considering for the first week of May.

Miden

Boasting up to $25 million in funding, Miden presents the first crypto airdrop to consider this week. The project enjoys backing from notable investors such as Andreessen Horowitz (a16z), 1kx, Hack VC, and Symbolic Capital.

“Today, we announce our $25 million seed fundraise and spinout from Polygon,” Miden announced recently.

Miden is a ZK-rollup L2 blockchain built on Ethereum and spun from Polygon Labs. It enables private, scalable smart contracts. The project plans to airdrop 10% of its native tokens to Polygon (POL) stakers.

This initiative aims to reward Polygon’s ecosystem and incentivize participation in Miden’s zero-knowledge-powered network. By shifting execution to client devices, this enhances privacy and scalability.

“…Miden can support potentially infinite TPS by supporting client-side proving. It also supports opt-in privacy,” wrote Polygon executive Sandeep Nailwal.

The airdrop aligns with Miden’s integration into Polygon’s AggLayer, boosting cross-chain liquidity. Snapshots for eligibility began shortly after the announcement on April 29, with the mainnet launch scheduled for Q4 2025.

In the meantime, Miden is already planning a testnet, and airdrop farmers can perform the first activities to get a chance to become early users.

Camp Network

Another crypto airdrop to watch is on the Camp Network, which has raised up to $29 million. Investors such as Blockchain Capital, OKX Ventures, HTX Ventures, 1kx, and Maven 11 Capital, among others, back the project.

Camp Network is a Layer-1 blockchain focused on intellectual property (IP) management and AI agent integration. The project launched an incentivized testnet, allowing airdrop farmers to participate by completing simple social tasks to earn points.

“Freaky incentivized testnet update engage with our big steaming hot network of ecosystem partners to climb the leaderboard and win succulent rewards,” Camp Network shared.

Notably, if a token is launched, these points will be converted into project tokens in the future. The points, referred to as “Acorns,” require users to complete tasks like daily check-ins, social media engagement, and interacting with the ecosystem via the testnet faucet.  

Mezo

Mezo is the third crypto airdrop to watch for the first week of May. It has raised up to $28.5 million. Backers include Pantera Capital, Multicoin Capital, Ledger, Mantle Network, GSR, Hack VC, and Bybit Exchange.

It is a Bitcoin Layer-2 network focused on enhancing Bitcoin’s utility through borrowing, spending, and earning without selling BTC. It launched a campaign on Galxe where airdrop farmers can complete quests to earn points.

“Complete quests and claim mats! We’ve joined forces with Galxe, so you can earn mats and more—alongside our partners ZeroLend, Velar, Blend, and Pamp Land,” Mezo Network announced.

After completing all the quests, participants can also grab the Galxe Questooor role, with most quests being free. However, for some, airdrop farmers will need to borrow MUSD.

Notably, after opening Galxe tasks on April 24, the Mezo airdrop will remain open until May 27, 2025. Meanwhile, users can also stake to earn points, a function that remains open without a specific deadline.

The post 3 Crypto Airdrops For the First Week of May appeared first on BeInCrypto.

Cardano’s price has surged by almost 10% over the past week amid the current broader market recovery. This surge is fueled by Cardano’s increasing network activity and long-term holding trends, indicating growing investor confidence.

With the broader market in recovery mode and on-chain fundamentals strengthening, ADA’s current setup suggests the potential for a sustained upside. 

ADA Accumulation Grows as Traders Show Strong Conviction

ADA’s demand has soared over the past week, as reflected by the steady surge in the daily count of active addresses on the Cardano network. According to IntoTheBlock, this has risen by 12% over the past seven days, indicating a gradual uptick in the demand for the Layer-1 coin. 

This trend is a bullish signal, as it highlights growing investor interest in ADA and could drive its sustained price rally. 

Moreover, new demand for the altcoin has also climbed. According to IntoTheBlock, the number of new addresses on the Cardano network has increased by 5% during the review period.

When ADA sees a gradual increase in new demand like this, it indicates the entry of new investors or traders into the market. This leads to higher trading volumes and liquidity, which in turn drives up the coin’s price.

Further, ADA investors have increased their holding time, signaling that the bullish momentum toward the altcoin is growing. According to IntoTheBlock, it has increased by 78% over the past week.

An asset’s holding time measures the average duration its coins/tokens are held before being sold or transferred. This bullish trend marks an ADA accumulation phase, with traders less inclined to sell.

It reflects strong investor conviction, as ADA investors choose to hold on to their coins rather than sell. Also, it could help reduce the selling pressure in the ADA market, driving up its value in the short term.

ADA Bulls Target Higher Gains

ADA trades at $0.76 as of this writing, extending its gains by 4% over the past day. On the daily chart, the coin’s Relative Strength Index (RSI) is in an upward trend at 52.11, confirming the buying activity. 

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a decline. Conversely, values below 30 indicate that an asset is oversold and due for a rebound.

At 52.11 and climbing, ADA’s RSI readings suggest strengthening bullish momentum as buying pressure builds. If accumulation continues, the coin’s price could reach $0.97.

However, if profit-taking commences, this bullish projection would be invalidated. In that scenario, ADA’s price could dip to $0.64.

The post Cardano’s (ADA) Rising Network Activity and Holding Time Point to Imminent Upswing appeared first on BeInCrypto.

Virtuals Protocol (VIRTUAL) has recently seen a notable 11% rise in the past 24 hours, bouncing from the support of $1.63 to trade at $1.84. 

Despite this upward momentum, the altcoin continues to face challenges from both investor sentiment and market conditions. These factors may impact its potential for sustained growth in the near future.

Virtuals Protocol Loses Investor Interest

After a spike earlier this week, the number of new addresses for Virtuals Protocol has dipped significantly. Currently, new addresses are at a month-and-a-half low, indicating a decline in investor interest.

This suggests that new investors are losing interest in Virtuals Protocol, which could potentially signal a loss of traction for the asset among crypto enthusiasts.

The decrease in new addresses highlights a broader trend that may hinder VIRTUAL’s ability to build sustained momentum. The lack of fresh interest may lead to further consolidation or even price declines.

From a macro perspective, Virtuals Protocol is facing some technical challenges. The Average Directional Index (ADX) is showing a sharp decline, which could indicate weakening momentum.

The ADX remains above the threshold of 25.0, signaling some strength in the current trend. 

However, it is at risk of slipping below this level. If this occurs, it could signal that the recent price uptrend is losing its strength. The declining ADX, coupled with lower levels of new address activity, suggests that Virtuals Protocol may soon experience a shift in its price trend.

Can VIRTUAL Price Breach Key Barrier 

Currently, Virtuals Protocol is trading at $1.84 after a notable 11.4% rise over the past 24 hours. The price is currently facing resistance at $1.93, which could present a challenge for further upward movement.

While the recent bounce off $1.63 is promising, overcoming the $1.93 resistance remains a crucial test for the altcoin’s near-term price action.

If the factors mentioned earlier continue to impact the market negatively, VIRTUAL may struggle to breach the $1.93 resistance. This could lead to a period of consolidation, with the price likely to remain above the $1.63 support level.

However, if selling pressure intensifies, the price may fall below this support, potentially reaching $1.50 or even lower.

On the other hand, if broader market conditions turn bullish, Virtuals Protocol could push past the $1.93 resistance. Successfully flipping this level into a support floor would be critical for the altcoin to target $2.00.

Beyond that, $2.45 would become the next key resistance, signaling a reversal in the bearish thesis and opening the door for further gains.

The post Virtuals Protocol Might Struggle to Retain $2 – Here’s Why appeared first on BeInCrypto.