Altcoins
Here Are the Ethereum Altcoins That Are Seeing High Interest from Whales
Here are the Ethereum-based altcoins that are currently seeing high whale activity, according to on-chain data.
These Ethereum Altcoins Are Currently Seeing High Numbers of Whale Transactions
In a new job On X, on-chain analytics firm Santiment explained how several Ethereum-based altcoins have recently seen notable whale activity.
The relevance indicator here is the “number of whale transactions”, which keeps track of the total number of transfers made on the network for a given cryptocurrency valued at $100,000 or more.
In general, only the whales are capable of moving such large amounts in a single transaction, so transfers carrying such value are assumed to involve these gigantic entities.
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When the value of this metric is high, it means that whales are currently making a large number of movements on the network. Such a trend implies that these large investors currently have a high interest in the asset.
On the other hand, low values suggest that the cryptocurrency might have a lack of whale interest behind it, as there are hardly any large transactions on-chain.
Now here is a chart that shows the trend in the number of whale transactions 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 the chart above shows, the number of whale transactions has recently seen a sharp increase for these five altcoins: Fantom (FTM), Fetch.ai (FET), Render (RNDR), 0x Protocol (ZRX), and Reserve Rights (RSR).
“Ethereum’s market cap has reached $3,920 and the #2 ranked market price ratio to Bitcoin is +9.5% over the last 3 days,” Santiment notes. “When this kind of price dominance reversal occurs, we often see profits redistribute quickly and whales become very active in ERC20-based altcoins.”
The altcoins in question here have all recently recorded at least three-month highs in their whale activity. From the chart, it is visible that Fetch.ai has observed the most significant spike among these assets.
Render is in second place, followed by Fantom in third. The prices of all three altcoins have seen rapid increases, with FTM being the big winner so far, with over 67% in profits over the past week.
It would therefore appear that the recent whale activity is likely to reflect buying pressure on these alts. It is worth noting, however, that even if whale trading activity remains high in the near future, this does not necessarily have to lead to a bullish outcome.
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The indicator simply counts the total number of whale-sized transactions and does not contain any information on whether they are made for buying or selling purposes.
All that the number of whale transactions can say about these altcoins is that if whale activity remains high, their prices could likely see a rise. volatile actionbut its direction could go either way.
ETH Price
Ethereum managed to outperform Bitcoin last week, with the second-largest coin seeing an increase of around 15%, which 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 by Yilei (Jerry) Bao on Unsplash.com, Santiment.net, chart by TradingView.com