Major wallet investors have increased their activity in altcoins over the past ninety days. During this time, “alt season”, which means capital rotation from Bitcoin to altcoins, is approaching and has become extremely important. However, big wallet investors keep their savings in several alternative cryptocurrencies! Especially these 3 altcoins have been flooded by big whales! Here are the details…
These popular altcoin projects have been targeted by major wallets!
Analysts at the crypto intelligence tracker Santiment noted an increase in the activity of large wallet investors in several altcoin projects. Experts tracking the largest transactions in altcoins noted a flurry of whale activity over the past three months. The black bars in the Top Trades pattern below show the amount of USD transferred.
As seen in the chart above, in that order, ApeCoin (APE), AAVE and Lido Dao (LDO) recorded the highest trading volume transferred by whales. In the case of different altcoins, whale transactions refer to transactions such as accumulation, transfer of coins to or from exchanges. $27.9 million worth of whale transactions were made on ApeCoin, consisting of exchange-to-exchange address transfers. In AAVE, exchange balances dwindled as coins were removed from exchanges in transactions worth $21.4 million.
Similarly, in LDO, $15.6 million worth of coins were exchanged by whales between non-exchange addresses and stock market balances decreased. Therefore, according to experts, this supports the ascension thesis when it comes to AAVE and LDO.
Bull signals are increasing for AAVE and LDO, which are among the popular projects
AAVE recorded the highest trading volume in the last five weeks on Thursday, April 13. As the whales make their transfers, the supply on the exchanges has decreased, which is considered a bullish sign for AAVE.
AAVE price has gained 9 percent to its holders over the past two weeks and DeFi coin is in an uptrend. Based on on-chain metrics and whale activity, AAVE is poised to earn more. CryptoFaibik, a technical analyst, notes that AAVE is on the verge of breaking the upper trendline of a descending parallel channel, which is typically considered bullish for an asset. According to Faibik’s analysis, a clean break above the upper trendline could send AAVE to the upside target of $199.
LDO’s supply on exchanges has risen since Wednesday, but it’s important to note that the increase has been modest and analysts don’t see it as a cause for concern. cryptocoin.com As we reported, LDO trading volume hit its highest level in four weeks on Wednesday, and the coin price has increased by 6 percent since the successful completion of Ethereum’s Shapella upgrade.
LDO is one of the Liquid Staking protocol tokens that gained prominence with the “Liquid Staking” narrative prior to the Shapella upgrade. Analysts evaluated the LDO price chart and commented that Ethereum’s recent uptrend could push the Liquid Staking protocol token higher.
CryptoJelleNL, a technical expert, has set a target range of $3.1 to $3.3 for LDO as seen in the chart above. Meanwhile, the Lido DAO (LDO) is currently trading at $2.43.
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