The Whale Shadows, or Revised Supply, chart tracks when large wallets holding dormant KAS tokens become active again. The tokens have remained on-chain and untouched for years — specifically, 2-3 years and 3-5 years in the case of Kaspa. By focusing exclusively on whale transactions, the chart remains clear and easy to interpret.

Why is it Important? 

Historically, spikes in whale activity often align with market highs. This pattern suggests that “smart money” holders, who have been patiently waiting, choose these moments to take profits or exit their positions. When you observe increased whale movements, it’s a signal worth considering for your own market decisions.

How to Read the Chart:

1. The Market Price (The gray line): traces the daily USD market price of KAS plotted on the right-hand y-axis.

2. This price overlay helps correlate revived coin movements with major price action, identifying possible distribution events or market reactions.

3. The Volume Overlay colored bars (especially green and blue) are broken into age groups based on UTXO. 

Spikes in older age bands (especially from the 5+ year categories) can be early signs of whale activity, such as profit-taking or redistributions. Clusters of revived supply events around price peaks may indicate long-term holders seizing opportunities to exit. Conversely, low activity in older bands during price rises suggests continued conviction and holding among early adopters.

Want to Learn More? 

The following charts provide a similar approach to valuing data: The 3+ Year HODL Wave Chart, the Realized Cap HODL Waves Chart, and the original HODL Waves Chart.