The analytics firm noticed a surge in social media interest for several altcoins, despite the high volatility of the week.
ADA, XRP and 5 altcoins get more attention on social media
The Santiment team says there is more online interest for Ethereum, XRP, Cardano, Shiba Inu, and Polygon compared to other altcoin projects. Bitcoin and stablecoins lacked this interest, according to the chart below.
Santiment also says that social trends are a sign of disagreement within investors on whether to buy the latest price drop:
After the prices fell, ‘bottom buyers’ started talking more. Last week, just before the CPI data, investors were bragging about buying the dip. Now there is legitimate polarization over whether or not to do it again.
Whales mainly congregate around Aave
Santiment noted that Aave has been in significant demand lately in terms of whale activity. Analysts shared that large investors are buying more AAVE than others:
The number of Aave whale addresses holding 1,000 to 1 million AAVE in their wallets rose 54.5%. The all-time high among these whales. The key point for AAVE, still a relatively young altcoin, is that founders and exchanges holding 10 million or more AAVE will see this line evolve even as they stop putting AAVE into circulation for the purposes of their wallets.
According to Santiment, besides AAVE, another altcoin that attracts the attention of whales; Chainlink (LINK). In the last four months, addresses with 10,000 to 1 million LINK have grown their wallets by more than 3%. Whales also buy Amp (AMP), which is used as collateral for transactions on the Flexa network. Flexa payment processing platform aims to make cryptocurrency payments that are widely accepted among individuals.
Since the beginning of June, addresses with 100,000 to 10 million AMPs have increased their wallets by more than 25%. On the other hand, whale interest in Litecoin (LTC), Chiliz (CHZ) and OMG Network (OMG) has been on the decline for the past 4 months.
Increasing interest is not enough to attract new buyers
cryptocoin.comAs you follow, Bitcoin managed to hold on to $19,000 with a modest daily gain of 1.33%. Ethereum is trading at $1,337.31, down over 15% since last week. All of the above names, which Santiment has detected social media attention, follow this momentum. Aave spent most of the day moving sideways around $75.39. However, it is trading at $0.4443 on Cardano. It is worth noting that the biggest losses at the moment are PoW coins that have risen the most in the past week, such as ETC and RVN.
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