While Bitcoin (BTC) and altcoins are experiencing pullbacks, some investors prefer to wait on the sidelines, but large investors called whales continue to trade altcoins.
At this point, cryptocurrency analysis company Santiment announced the 10 altcoins that experienced the highest increase in whale activity in its post.
Santiment warned investors that whale activity and price performance should be compared for relevant altcoins.
“Here is the updated list published by Santiment:
1-Apecoin (APE) 2-Treasure DAO (MAGIC) 3-Sushiswap (SUSHI) 4-Holo (HOT) 5-API3 DAO (API3) 6-Frax Finance (FRAX) 7-Aragon Project (ANT) 8-AIOZ Network (AIOZ) 9-Metis (METIS) 10-Chintai Network (CHEX)”
That said, keep in mind that any token that sees 5x the normal whale transactions in a given week is much more likely to see large price swings in the opposite direction to its recent trends.
If the price of the token in question is underperforming the markets and whale transactions are increasing, this is a sign that the coin is more likely to rise in price.
If the price of the token in question is outperforming the markets and whale transactions are increasing, this is a sign that the coin's price is more likely to fall.
*This is not investment advice.