Crypto Market Down! Have Whales Started Picking From the Bottom?

The entire cryptocurrency market is in turmoil. In the last 24 hours, the leading cryptocurrency Bitcoin has lost more than 8% of its value. As expected, altcoins followed their lead and fell. Leading altcoin Ethereum lost over 9%, while other altcoins such as Shiba Inu and MATIC recorded similar corrections.

As a result of these, the total value of the crypto money market decreased by 7.75% compared to the previous day to $ 917 billion.

Latest Situation in Crypto Whales

Crypto whales are groups or individuals who own large amounts of crypto and are believed to manipulate market prices with large trades. Due to its effects, whale movements are closely followed.

Santiment also recently shared in the analysis reported notable whale transactions. In the said analysis, attention was drawn to the popular altcoin MATIC. According to the analyst firm, MATIC stands out as the “most notable asset” in the current market conditions. The reason for this is that there has been a big jump on the volume front. According to the report, 58,885,143 MATIC transactions (worth $62.1 million) were made today. However, it is not possible to say that this is a positive development. The company explained the situation as follows:

“Unfortunately, this appears to be an exchange address that moves coins to another exchange address, which is usually not an indication that any positive price action is coming. But that too can happen. Usually, such a transfer reflects a whale sale at worst, or a routine move to another exchange address at best.”

On the other hand, it doesn’t seem like the big Ethereum whales are doing many altcoin-centric transactions either. Top-selling assets by these whales include tokens such as Uniswap, Synthetix, and MATIC. Lido Finance’s native token, LDO, has managed to make it to the top-buy list alongside stablecoins.

Source: WhaleStats

Additionally, the popular meme coin Shiba Inu has managed to become one of the most used smart contracts by the top 100 Ethereum whales in the last 24 hours. The list also includes a number of other notable DeFi coins, including Synthetix, Aave, and Curve Finance.

Therefore, looking at the above data, it can be said that whales have not yet started to accumulate altcoins collectively.

You can follow the current price action here.


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