Ethereum-based altcoins that are currently seeing a high amount of activity from whales, according to on-chain data, include:
This Ethereum altcoin is seeing high whale trading right now
new post On X, on-chain analytics firm Santiment discussed how several Ethereum-based altcoins have recently witnessed notable whale activity.
The indicator of relevance here is the “whale transaction count,” which tracks the total number of transfers taking place on the network for a particular cryptocurrency worth more than $100,000.
It is generally assumed that transfers of this much value involve objects of this enormous size, as only whales can move such large quantities in a single transaction.
A higher value for this metric means that the whale is currently moving a lot through the network. This trend means that these large investors are currently very interested in these assets.
On the other hand, the low value suggests that the cryptocurrency may lack whale interest as few large-scale transactions occur on the chain.
Now here is a chart showing the trend in the number of whale transactions for several 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 can be seen in the graph above, there has been a sharp surge in the number of whale transactions recently for five altcoins: Fantom (FTM), Fetch.ai (FET), Render (RNDR), 0x Protocol (ZRX), and Reserve Rights (RSR). ).
“Ethereum’s market cap is up to $3,920 and its second largest market price ratio versus Bitcoin is +9.5%,” Santiment says. “When this kind of price power reversal occurs, profits are quickly redistributed and we often see whales becoming very active in ERC20-based altcoins.”
The alts in question here have all hit at least three-month highs in recent whale activity. From the chart, we can see that Fetch.ai has observed the largest surge among these assets.
Render took second place and Phantom took third place. The prices of these three altcoins have all recorded rapid gains, with FTM being the winner so far, with gains of over 67% over the past week.
So recent whale activity appears to be consistent with buying pressure in these alternatives. However, it is important to note that even if whale trading volumes remain high in the near future, this does not necessarily lead to optimistic results.
This indicator merely counts the number of all trades in whale size and does not include information on whether those trades were made for buying or selling.
What we can tell about these altcoins from the number of whale transactions is that if whale activity remains high, we are likely to see volatile behavior in the price, but it could go in either direction.
ETH price
Ethereum outperformed Bitcoin last week, as the second-largest coin rose about 15%, pushing its current price above the $3,900 level.
Looks like the price of the coin has been going up in recent days | Source: ETHUSD on TradingView
Featured image by Yilei (Jerry) Bao on Unsplash.com, Santiment.net, chart by TradingView.com
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