- Cryptocurrency analytics firm Santiment has revealed seven uptrends at a time when the market is witnessing a recovery. altcoinexamines crypto whale transactions to determine
Santiment, which is among the top 100 cryptocurrencies by market capitalization, in a recent tweet, whale It listed seven crypto assets that are enjoying a more than 100 percent increase in activity.
“Crypto’s 100 largest assets continue to witness massive whale transactions take place. Among these, Litecoin (LTC), Axie Infinity (AXS), Maker DAO (MKR), Chiliz (CHZ), Compound Finance (COMP), TrueUSD (TUSD) and Synthetix Network Token (SNX) are the most common transactions worth $100,000. It is among the beings that see at least TWICE.”
Among these 7 Cryptocurrencies; play-win blockchain-based game Axie Infinity‘s governance token AXS, Chiliz An Ethereum-based token that powers Socios.com, the sports fan engagement platform powered by CHZ exists.
Also on Santiment’s list, COMP and MKR are decentralized finance (DeFi) platforms, respectively. Compound Finance and makerIt functions as management tokens of .
Next on the list is a stable coin pegged to the dollar. TUSD decentralized synthetic asset issuance protocol Synthetix’in service token SNX and veteran altcoin Litecoin (LTC) It is also on the list of altcoins where whale activity has increased.
Santiment warns of AAVE
Santiment also offers DeFi platform of Aave (AAVE) He also warns that alarm bells are ringing, despite enjoying growing network activity and rising prices. In the past two weeks, AAVE has risen over 55 percent and is trading at $221.97 at the time of writing.
According to Santiment, the ratio of AAVE’s Market Value to Realized Value (MVRV) over the past 30 days is excessively high, which could trigger a sell-off.
“MVRV very high. Short-term investors have a high risk of making a profit and thus lowering the price.”
Santiment also says that AAVE’s whale activity is increasing rapidly and historically this has tended to precede price drops:
“The number of whale trades seems to be rising at the price caps, which is what the historical performance in the chart above shows. And late spikes can also indicate a local price peak.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.