Blockchain intelligence firm Santiment shared altcoin projects that it expects high performance. In his tweet, Santiment drew attention to the address activities and some metrics of several altcoin projects. Here are the details…
Network activities of these altcoin projects draw attention
Santiment said that the altcoin projects it identified will surpass other cryptocurrencies. He pointed to blockchain intelligence firm YFI. According to the firm, YFI’s network activity has grown quite impressively after a period of consolidation. Furthermore, the firm’s report showed that altcoin REN’s network activity has not increased as much as YFI due to the project’s “complicated financial situation”. However, one altcoin that Santiment is examining is UNI. UNI experienced strong growth before the project announced the NFT market. Network activity for UNI continued to grow, according to the report. Santiment also stated in his tweet:
YFI, UNI and REN address activity are seeing huge increases and there are wallets waking up to move their funds right now. Others get stuck in the mud and are more likely to be left behind.
The price of yearn.finance (YFI) has dropped about 6.7 percent in the last 24 hours. Its price is currently trading at $5,995.86. The REN (REN) price, on the other hand, has lost about 3.7 percent in the last 24 hours. The altcoin price is now around $0.082793. Uniswap (UNI) price also fell in the last 24 hours. Its price continues to trade at $5.56 with a decrease of 6.8 percent.
Whales keep accumulating from this altcoin
XRP whales took advantage of the recorded price drop in the crypto market to fill their bags. These big investors are buying the tokens quickly. Thus, they increase the percentage of supply they hold. The last month saw a significant increase in the assets of these large whales, with their cumulative total assets reaching one of their highest levels ever. Data from Santiment shows that the assets of XRP whales with 100,000 to 10 million tokens in their balance have increased by more than 6 percent in the last five weeks. The chart below shows a clear upward trend, with the holdings of these whales increasing last month, especially those with 1 million to 10 million tokens.
The price of XRP is moving with the crypto market, which is still feeling the effects of Wednesday’s FOMC announcement. However, this clear trend of accumulation among XRP whales could lead to a rally. Santiment data also accumulated even among smaller addresses. Therefore, XRP is likely to test the $0.4 resistance level before the week ends. The low volatility associated with the weekend markets could prevent XRP’s rally. As we reported on Kriptokoin.com, XRP investors continue to collect tokens as they await the positive outcome of the ongoing lawsuit with the SEC.
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