On-chain data shows that whales are very active in the Ethereum-based alternative coins.
These Ethereum altcoins are seeing high whale transactions right now
It’s a new year. post Santiment, a firm that provides on-chain analysis, discussed on X how recent whale activity has been noticeable in several Ethereum-based alternative coins.
The “whale transaction count“, which tracks the number of transactions on the network that are valued at $100,000 or higher for a particular cryptocurrency.
In general, only the whales Transfers of this magnitude are usually attributed to these massive entities.
If the value of the metric is high, this means that whales are currently making many moves on the network. A trend like this indicates that large investors are very interested in an asset.
The low value of the crypto may indicate that there is little interest in the currency, as the chain has very few large transactions.
Here is a graph that shows the trends in the number of whale transactions for several different Ethereum-based alternative coins over the last few months.
Recent data suggests that the value of the metric was high for these assets | Source: Santiment on X
The whale transaction count for five altcoins has seen a recent surge, as shown in the graph above: Fantom(FTM), Fetch.ai(FET), Render(RNDR), 0x ProtocolZRX) and Reserve RightsRSR.
“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.”
These alts all have whale activity that is at least three months old. Fetch.ai’s chart shows that it has the highest spike of all these assets.
Render has taken second place and Fantom is third. FTM has been the fastest-growing altcoin, with a profit of more than 67 percent over the past seven days.
It would seem that recent whale activity corresponded with buying pressure on these alternative stocks. Even if the number of whale transactions remains high, the market may not necessarily be bullish.
The indicator only counts all transactions of whale-sized size and does not contain any information as to whether they were made for buying or trading.
The whale transaction count is a good indicator of the future price of these altcoins, if whale activity remains high. volatile actionIts direction can be either positive or negative.
ETH Price
Ethereum outperformed Bitcoin over the last week. The second largest coin saw a price increase of 15%, which has taken it past the $3,900 mark.
Source:| Source: ETHUSD on TradingView
Featured Image from Yilei Bao (Jerry), Unsplash.com. Chart from TradingView.com.
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