While the broader cryptocurrency market weathers high volatility, on-chain data from Santiment has flagged a surge in large-wallet activity on two altcoins that have largely escaped retail attention: Lighter (LIT) and Mantle (MNT). According to the analytics platform, both tokens have seen their highest number of whale transactions exceeding $100,000 in the last six months.
Lighter recorded 86 transactions above the $100K threshold, with Santiment noting the spike is "likely driven by renewed interest related to the persistent DEX narrative, token economics updates, buyback and burn mechanisms, staking yield, and recent partnership rumors." The activity suggests multiple large players rotating into $LIT as interest in perpetual DEX infrastructure intensifies. The token benefits from a combination of mechanism upgrades, and the timing hints that some participants expect volume flows to tilt toward its settlement-focused model.
Mantle registered 37 such large transactions, also a half-year peak, with the increase attributed to its expansion around tokenized shares, pre-IPO vaults, and deeper ecosystem usage. As the real-world asset tokenization trend pushes on-chain values past $20 billion, Mantle’s infrastructure is positioned to capture some of that flow. Whales appear to be treating $MNT as exposure to the tokenization trend rather than a short-term volatility bet, though regulatory clarity remains a key risk.
Santiment emphasized that historically, spikes in large-investor activity have often preceded periods of high volatility or trend reversals, but such transaction counts alone do not guarantee a sustainable uptrend. The data shows where large wallets are active while retail remains hesitant, with the narratives around perpetual swaps and real-world assets still drawing serious capital. Whether these spikes mark the beginning of a larger trend or a temporary reallocation remains to be seen.
