Cryptocurrency analysis firm Santiment is looking at five altcoin projects to gauge the strength of crypto after its global market valuation dropped 8 percent in less than a day. cryptocoin.com We transfer data as…
Will altcoin projects save the market?
Shiba Inu (SHIB), Uniswap (UNI), Yearn.Finance (YFI), Aave (AAVE) and Chainlink (LINK) are among the “blue chips” in the ERC-20 category, according to a new Santiment Insights study. “Blue chip” is used to describe high-end, quality ones. Santiment points to positive data for SHIB when measuring crypto inflows to exchanges. The downward trend in SHIB deposits to exchanges suggests that traders are not interested in the fall in value of Shiba – they will not be sending tokens to be sold on exchanges, experts say.
Santiment also looks to Uniswap (UNI) when it comes to fund flows sent to exchanges. According to experts, an increase in this metric may imply that people want to make a profit just before the drop. On the other hand, the firm says it has received negative interactions from YFI in terms of active deposits. Santiment claims that four out of five altcoins avoid panic selling when it comes to network profits and losses. He points out that there is basically no panic selling outside of YFI. Also, according to Santiment, long-term holders do not seem to be shifting their tokens to exchanges. Finally, the firm is investigating what whales holding between $500,000 and $50 million are doing in the current market. Only Chainlink, a decentralized oracle service, is said to be bearish.
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