Bitcoin (BTC) and altcoins are experiencing a sharp decline due to a combination of many reasons.
While the BTC price fell to the $86,000 band, altcoins also experienced declines exceeding 10%.
While investors wonder whether these declines will continue, crypto analysis platform Santiment announced the 10 altcoins that experienced the highest increase in whale activity.
“1) Maker DAO – DAI (Arbitrum) 2)Plygon – MATIC (Ethereum) 3)Floki Inu – FLOKI (Ethereum) 4)Usual Money – USD0 5)Quant Network – QNT 6)Render Network – RENDER 7)Circle – USDC (Arbitrum) 8)Uniswap – UNI 9)Aave – AAVE 10)Wrapped Bitcoin – WBTC”
Santiment noted that whales are preparing to buy stablecoins for altcoins.
Santiment also cited the very high probability of a reversal in the current price trend in altcoins, which are generally seeing increased whale activity, indicating that whales viewed the recent drop as a buying opportunity.
“For stablecoins on this list, it is a sign of possible purchases of other tokens by whales. For other assets, it is a likely sign that these assets are being accumulated by key stakeholders who see this as a good opportunity to buy them at a deep discount.”
*This is not investment advice.