Cryptocurrency analysis firm Santiment reported that despite declines in Bitcoin and altcoins, cryptocurrency whales remain extremely active.
According to analysts, the altcoins with the highest whale activity, with a market value of more than $500 million, and whale activity increases are listed as follows:
- dYdX (DYDX) – 3400%
- Creditcoin (CTC) – 1633%
- Jasmy (JASMY) – 616%
- 1inch (1INCH) – 580%
- Safe (SAFE) – 566%
- Compound (COMP) – 454%
- Baby Doge Coin (BabyDoge) – 400%
- Mantle (MNT) – 333%
- Wootrade (WOO) – 300%
- Quant (QNT) – 285%
Santiment stated in his statement that altcoins that show a sudden increase in whale activity are also prone to a change in price direction. In other words, if the prices of the altcoins in question are already increasing, the increase in whale activity could mean that there is profit selling by whales in these tokens. However, if there is a decrease in price, the increase in whale activity could mean that whales are accumulating more coins at a lower price.
The declines experienced today triggered a massive liquidation wave in the cryptocurrency market, and a massive liquidation of $1.71 billion was observed. $1.55 billion of these were observed in long positions.
*This is not investment advice.
