The other day, Santiment, an analytics company focused on cryptocurrencies, highlighted some critical data. According to the platform, there is activity in cryptocurrencies such as PEPE coin, Ethena, EIGEN. This is because the big investors who own these assets, the whales, are mobilizing. On-chain data reveals that whales are transferring to exchanges specifically for sale. Here are all the details…
Santiment warns for PEPE coin and others
Santiment, a cryptocurrency analytics firm, recently highlighted the increase in whale transfers to centralized exchanges for several altcoins. Their analysis revealed significant movements in tokens such as Eigenlayer ($2.8 million), Ethena ($2.5 million), Worldcoin ($2 million), Wrapped Bitcoin ($4.8 million), Pepe ($3 million) and Chainlink ($1.8 million). These transfers are small relative to the total market capitalization of these assets. But the fact that most of them took place in a single day makes them noteworthy.
The sudden surge in such transfers suggests that large holders may be preparing to profit or reduce exposure to these altcoins. According to Santiment, the surge in large transactions suggests that some whales are preparing to liquidate some of their holdings. Bitcoin’s recent price increase could reduce the potential impact on these altcoins. However, the increased activity could signal short-term risks for a potential pullback. Since the actions of whales can often precede market movements, investors and traders are now watching these developments closely.
Cryptocurrency whales take four altcoins
On the other hand, he emphasized that Curve DAO (CRV) has generally recorded a significant increase in overall volatility, also according to Santiment. The mid-sized altcoin, with a market capitalization of around $2 billion and an average daily trading volume of over $1.2 billion, has increased by over 50 percent in the last seven days. On the other hand, Memecoin (MEME), a fast-growing NFT-focused meme coin ecosystem backed by the 9GAG community, has been the focus of numerous whale traders in the recent past, again according to Santiment. With a market capitalization of around $1.1 billion and an average daily trading volume of around $241 million, the Binance-listed memecoin is priced by around 1 million on-chain holders.
Also, according to Santiment, LayerZero (ZRO), a fast-growing protocol, has seen massive growth. According to the data, the ZRO token is not attracting the attention of whale investors. According to the latest data, ZRO has a market capitalization of about $688 million. On the other hand, it has an average daily trading volume of over $790 million. Also, according to Santiment, whale purchases for Trust Wallet (TWT), a web3 wallet, have increased. On the other hand, FTN, ENS, AMP, AXL, DAI also seem to be in the focus of whales.
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