These Are The Ethereum Altcoins Witnessing High Whale Interest
08 März 2024 - 3:00PM
NEWSBTC
Here are the Ethereum-based altcoins that are currently witnessing
a high amount of activity from the whales, according to on-chain
data. These Ethereum Altcoins Are Seeing High Whale Transactions
Right Now In a new post on X, the on-chain analytics firm Santiment
has discussed how several Ethereum-based altcoins have been seeing
notable whale activity recently. The indicator of relevance here is
the “whale transaction count,” which keeps track of the total
number of transfers taking place on the network for a given
cryptocurrency that is valued at $100,000 or more. Generally, only
the whales are capable of moving such large amounts in single
transactions, so transfers carrying this much value are assumed to
involve these humongous entities. Related Reading: This Bitcoin
Indicator Has Hit Levels That Often Lead To Corrections When the
value of this metric is high, it means that the whales are making a
large amount of moves on the network right now. Such a trend
implies these large investors have a high interest in the asset
currently. On the other hand, low values suggest the cryptocurrency
may have a lack of whale interest behind it, as there are barely
any large transactions occurring on the chain. Now, here is a chart
that shows the trend in the whale transaction count for a few
different Ethereum-based altcoins over the past few months: The
value of the metric seems to have been high for all of these assets
recently | Source: Santiment on X As displayed in the above graph,
the whale transaction count has recently seen a sharp surge for
these five altcoins: Fantom (FTM), Fetch.ai (FET), Render (RNDR),
0x Protocol (ZRX), and Reserve Rights (RSR). “Ethereum’s market
value is up to $3,920 and the #2 cap ranked market price ratio vs.
Bitcoin is +9.5% in the past 3 days,” Santiment notes. “When these
kinds of price dominance flips occur, we often see profits quickly
redistribute, and whales becoming very active in ERC20-based
altcoins.” The alts in question here have all recently registered
at least three-month highs in their whale activity. From the chart,
it’s visible that Fetch.ai has observed the largest spike out of
these assets. Render leads in second place, while Fantom has
followed after it in third. The prices of all three of these
altcoins have registered rapid increases, with FTM coming out as
the winner so far, with more than 67% in profits over the past
week. Thus, it would appear that the recent whale activity likely
corresponded to buying pressure in these alts. It should be noted,
however, that even if the whale transaction count remains high in
the near future, it doesn’t necessarily have to lead to a bullish
outcome. Related Reading: Dogecoin Accumulation: DOGE Millionaires
Have Shot Up By 76% The indicator merely counts the number of all
whale-sized transactions and doesn’t contain any information about
whether they are being made for buying or selling. All that the
whale transaction count can say about these altcoins is that,
should whale activity remain high, their prices would be probable
to witness volatile action, but its direction could go either way.
ETH Price Ethereum has managed to outperform Bitcoin in the past
week, as the second-largest coin has seen an increase of around 15%
that has now taken its price beyond the $3,900 level. Looks like
the price of the coin has been going up in recent days | Source:
ETHUSD on TradingView Featured image from Yilei (Jerry) Bao on
Unsplash.com, Santiment.net, chart from TradingView.com
Fetch (COIN:FETUSD)
Historical Stock Chart
Von Sep 2024 bis Okt 2024
Fetch (COIN:FETUSD)
Historical Stock Chart
Von Okt 2023 bis Okt 2024