Over the past few days, the number of transactions for some of the leading altcoins has skyrocketed. Projects like Cronos (CRO) and USDC Circle have seen significant wallet changes as Bitcoin (BTC) hovers above the $60,000 price level.
According to analytics platform Santiment, CRO saw a huge 255% increase in whale activity, while Aave (AAVE) gained 100% on Optimism and 50% on Polygon. But the CRO price has fallen by 3.19% in the last 24 hours and by 7.13% in the last week. AAVE also fell by 4.12% in 24 hours and by 9.89% over the past week.
TON whale activity increased by 50%, IMX increased by 36%, and ARB increased by 25%, while their prices fell by 2.94%, 4.94%, and 3.03% respectively. Over the past week, TON fell 10.69%, IMX fell 5.14%, and ARB fell 3.14%.
This is important because the rise in whale trading volumes is a key indicator of whether the price of a digital asset will become bullish or bearish. An increase in whale transactions could also signal a change in dynamics. The market currently appears to be neutral according to the Fear and Greed Index.
Whale stablecoin transactions
The stablecoin whale movement has also grown. Santiment data shows whale activity for USDC jumped 82%, for DAI by 75%, and for USDC on Polygon by 57%. This suggests that buyers are preparing to return to the market soon.
Also Read: Bitcoin Leads as Top Asset in 2024 with 2.5% Growth in Q3
Sanitment advised investors to keep an eye on “coins that are falling in value and suddenly see a sharp spike,” adding that cryptocurrencies will be a prime candidate for upcoming price spikes and trend reversals.
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