crypto analytics firm centiment, after the global market cap plunged 8% in less than a day, examined altcoins to gauge the strength of crypto assets.
The firm is a new Santiment Insights In its report, it analyzed what are called “blue chips” in the ERC-20 market segment. In this report, the company Shiba Inu (SHIB), Uniswap (UNI), Yearn.Finance (YFI), AAVE (AAVE) and Chainlink (LINK) focused on altcoins.
Santiment highlighted the memecoin SHIB as a positive metric when assessing the crypto inflow to exchanges.
“People seem to be very confident in their assets. E.g SHIB. The bearish trend of SHIB invested in the stock markets shows that traders are not afraid of Shiba falling. It looks like they won’t be sending tokens to exchanges to sell.”
centiment On exchanges and stock market entry, it’s also looking at decentralized exchange (DEX) Uniswap.
“Three spikes may indicate that people want to make a profit just before the drop. But there doesn’t seem to be anything similar after the fall itself.”
In terms of active deposits, the firm could only detect a negative indicator of crypto return optimizing. YFIHe stated that he saw
“There seems to be little or no concern. except UFI”.
Looking at network profit and loss, Santiment noted that four out of five altcoins avoided panic selling.
“It’s interesting that the image here is exactly the same: there’s hardly any panic selling outside of YFI.”
The fourth indicator includes the time elapsed since the last move of a crypto-asset, known as “age consumed”. Santiment considers it a good sign that long-term holders do not move their tokens to exchanges.
“Across all five coins, there are no significant outliers here. Probably no great old wallet was moved or sold. This is what it looks like on the charts.”
Finally, Santiment looked at what whales holding between $500,000 and $50 million do with their wallets. The firm announced that it only saw a bearish trend in its decentralized price feed service Chainlink.
“Does it stall (nothing special) or go down (whales emptying wallets)?
Here, it is possible to say that only one out of five coins has shown a downward trend in the balance of whales during the last day. This looks like a LINK too”.
Santiment concluded his analysis with these words:
“We don’t see many signs of panic or selling in the selected ERC-20 tokens. People don’t seem to be worried about the decline.”
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