Blockchain analysis platform Santiment draws attention to altcoin attacks by whales. In particular, there is a collection. This backlog primarily includes stablecoins such as Pax Dollar (USDP) and Dai (DAI). It also points to a potential increase in large-scale crypto purchases in the near future. Let’s take a look at which cryptocurrencies the whales are aggressively accumulating.
Crypto whales spy on $30,000 range
Santiment emphasizes that whales are closely observing Bitcoin’s price action in the $30,000 to $31,000 range. In particular, they rapidly accumulate stablecoins such as USDP and DAI, increasing the likelihood of significant crypto purchases in the future.
Santiment states that as investors profit from Bitcoin, they can direct their funds to other digital assets. He also suggests that they could potentially lead to an altcoin rally. Assets like Polygon (MATIC) and Binance Coin (BNB) are already experiencing high trading volume. This indicates increased interest.
Positive indicators for Bitcoin and altcoin Ethereum
Santiment is observing bullish indicators for both Bitcoin and the leading smart contract platform Ethereum. Network Realized Profit Loss (NRPL) metrics for both cryptocurrencies show a slight real loss zone versus price. It also shows that average traders have been moving assets with slight losses over the past three weeks. When NRPL turns negative against price, positive price action is more likely in the future.
In a notable development, a prominent Ethereum (ETH) whale has invested more than $1 million in the cryptocurrency PEPE, positioning it as a competitor to other popular meme coins like SHIB. Lookonchain, a well-known blockchain analytics service, reported that a trader named OSF purchased 173 billion PEPE tokens for 141 ETH, equivalent to about $261,000. Over the course of a month, the trader invested 536 ETH worth approximately $1.04 million, resulting in a total of 613 billion PEPE tokens.
Significant accumulation of altcoin Ethereum whales
The latest activity of osf_rekt shows the purchase of 173 billion PEPE tokens for 141 ETH ($265,000). It then shows that 690 billion PEPE ($1.05 million) was transferred to a secure multisig wallet. Since June 14, the investor has received 613 billion PEPE tokens at an average purchase price of $0.00000169. He spent a total of 536 ETH ($1.04 million) for this.
PEPE is a cryptocurrency inspired by the famous meme and cartoon character Pepe the Frog. It was released on April 17, 2023. On the other hand, PEPE experienced significant growth. It is currently among the top 100 digital assets after multiple listings on centralized exchanges. This story highlights the incredible profit potential in meme coin trading. However, it is crucial to accept the risks involved. Meme coins are highly volatile. It can also experience extreme value fluctuations within short periods of time. Moreover, they often lack the technological underpinnings or benefits of more established cryptocurrencies.
Institutional interest in Altcoin Curve (CRV)
Lookonchain also hints at potential institutional involvement in Curve (CRV), a native token associated with a decentralized finance (DeFi) stablecoin lending project. The four newly established wallets recently attracted a total of 10.2 million CRV ($8.12 million) from top cryptocurrency exchange Binance. Accordingly, this showed a significant accumulation in CRV assets.
There has been a significant development following the court decision in favor of Ripple Labs. Accordingly, cryptocurrency shorts also experienced widespread liquidation. In the last 12 hours, the total liquidation value has reached an astonishing $285.50 million. CoinGlass data shows that 80,950 traders have been liquidated. It also reveals that an important 75% of the liquidations are short positions.
Short liquidations and notable losses
A total of $50.11 million worth of Bitcoin and $38.11 million worth of Ethereum shorts were quickly liquidated within a 12-hour time frame. Bitmex witnessed the largest single liquidation order involving $2.82 million worth of XRP tokens. In the last 12 hours alone, a total liquidation value of $58.23 million has been seen for XRP. Accordingly, short positions accounted for $32.96 million of liquidations.
There is an important aspect of short liquidation, commonly known as short squeeze. Leveraged cryptocurrencies pose a significant risk in trading. This situation cryptocoin.com Broadly speaking, it occurs when traders are unable to meet their margin requirements due to a sudden increase in the price of the asset being traded.
Whale activity surges after Ripple’s court victory
On-chain data provider Santiment reported a significant increase in whale activity on the altcoin XRP network following the court ruling. Whale transactions involving large-scale transfers of major crypto holders have reached their highest level in 2023. In the last 24 hours, there have been 637 whale transactions worth $100,000 or more each.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow on. Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.