An analyst from crypto analytics firm Santiment shared his views on the three altcoins that have seen massive transfers on their networks in the last 24 hours and what they could mean for their price action.
Lido Dao (LDO)
The first altcoin is Lido Dao (LDO), a decentralized protocol that allows users to stake their Ethereum and receive liquid stETH tokens in return. According to the analyst, LDO saw a $36.4 million transfer from one non-exchange address to another, which did not affect the trading volume much.
However, LDO's supply on exchanges is below 6%, the analyst said, indicating that this data is very low, which could indicate strong demand and lower selling pressure.
The second altcoin is Illuvium (ILV), a blockchain-based game featuring collectible creatures called Illuvials. The analyst said that ILV has fallen sharply since it peaked at $106 in early February and is now trading below $47.
He also noted that the supply of ILV on exchanges has risen steadily to 14.5%, which may indicate weak demand and high selling pressure.
However, he added that on-chain trading volume for ILV is up due to a $14 million transfer today, which could be a bullish sign if it marks a bottom for the price.
The third altcoin is Holo (HOT), a distributed computing platform aimed at providing a more human-centric internet.
The analyst said that HOT has been volatile over the past six months, fluctuating wildly as supply on exchanges has dwindled significantly. He said that HOT saw a $12.7 million transfer from an off-exchange address to another today, which is not unusual for the network. He said this transfer did not affect supply on exchanges that remained low.
*Not investment advice.