On-chain analytics firm Santiment studied Shiba Inu, Chainlink and several altcoin projects to gauge the strength of cryptocurrencies after global market cap plunged 8% in less than a day.
Shiba Inu investors aren’t afraid of a drop, according to firm
In a new Insights report, Santiment analyzes tokens called “blue chips” in the ERC-20 segment. To the successful most successful examples in this class; Shiba Inu (SHIB), Uniswap (UNI), Yearn.Finance (YFI), Aave (AAVE), and Chainlink (LINK) can be nominated. The analytics firm highlights the meme token SHIB as a positive metric when assessing cryptocurrencies’ entry into exchanges:
People rely heavily on their crypto. For example SHIB. The bearish trend of SHIB invested in exchanges shows that traders are not afraid of Shiba falling. They do not send tokens to exchanges to sell.
In terms of stock market entry, Santiment also looks at DEX platform Uniswap:
Three spikes may indicate that people want to make a profit just before the drop. But after the decline itself, selling pressure is not observed.
In terms of active deposits, the firm detects only one negative indicator in crypto yield optimizer YFI:
There seems to be no or minimal concern. Except for YFI.
Moving to network profits and losses, Santiment says four out of five altcoin projects have avoided panic selling:
It’s interesting that the image here is exactly the same: almost no panic sells, except for YFI.
The fourth indicator measures the time elapsed since a cryptocurrency was last moved, known as age consumed. Santiment says it’s a good sign that long-term holders aren’t moving their tokens to exchanges:
There is no outlier in 5 tokens on this indicator. He probably never carried or sold any large wallets. This is what it looks like on the charts.
Santiment takes a look at whale movements
As for the movements of whales holding between $500,000 and $50 million in crypto, only Chainlink shows a bearish trend, according to the firm:
Is the price stable (nothing special) or does it go down (whales empty bags)? We can say that only one of the 5 coins is showing a bearish trend, which is: LINK.
cryptocoin.com Santiment, whose data we do not pass on, concludes its analysis with the following words:
We don’t see many signs of panic or selling in selected ERC-20 tokens. People don’t seem to worry about the decline.
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