Token

Basic Attention Token

PlayDapp

Rocket Pool

The on-chain analytics firm Santiment has revealed some altcoins currently witnessing high interest from the whales. 
<h2 id="whale-transactions-have-spiked-for-these-altcoins-recently">Whale Transactions Have Spiked For These Altcoins Recently</h2> 
In a new <a href="https://twitter.com/santimentfeed/status/1757901433079517462" target="_blank" rel="noopener nofollow">post</a> on X, Santiment has discussed how several altcoins have been showing interest from the whales. The on-chain indicator of relevance here is the “<a href="https://www.newsbtc.com/news/litecoin/litecoin-breaks-95-as-whale-transactions-spike/" target="_blank" rel="noopener ">Whale Transaction Count</a>,” which keeps track of the total number of transfers carrying a value of at least $100,000 taking place every day on the blockchain for any given cryptocurrency. 
Such large transfers are generally assumed to be coming from the <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-fashion-volume-whale-activity-plunges/" target="_blank" rel="noopener ">whale</a> entities, as they can only move around amounts this large with single transactions. 
When the metric’s value is high, the whales make many transfers. This trend implies that these humongous investors are highly interested in trading around the asset in question. 
On the other hand, the low indicator suggests the whales may not be paying attention to the cryptocurrency as they aren’t making that many moves on the network. 
Now, here is the chart shared by the analytics firm that shows the trend in the Whale Transaction Count for some altcoins over the past month: 
<img loading="lazy" decoding="async" class="alignnone aligncenter" src="https://pbs.twimg.com/media/GGVRTC9a0AAKQAZ?format=jpg&amp;name=4096x4096" alt="Altcoins Whale Transaction Count" width="2583" height="1709"> 
As displayed in the above graph, these five altcoins have all seen some boost in their Whale Transaction Counts recently: <a href="https://www.newsbtc.com/injective/injective-breakout-against-bitcoin/" target="_blank" rel="noopener ">Injective (INJ)</a>, Rocket Pool (RPL), PlayDapp (PLA), STP (STPT), and Basic Attention Token (BAT). 
Given this close surge in the indicator for all of these assets, it would appear possible that the whales have now started playing around with alts after gaining confidence from the sharp rally that Bitcoin has enjoyed. 
Now, what does this fresh whale interest mean for these altcoins? Usually, a high value of the Whale Transaction count is a predictor of volatility for any cryptocurrency. 
This is because the whales’ transfers carry a significant value. Of course, any single transaction will likely not be big enough to move the market appreciably on its own, but if many such transfers occur at once, the asset could feel some turbulence. 
However, any such volatility that may arise out of this high whale trading activity can theoretically go in either direction. The Whale Transaction Count only measures the pure number of large transfers happening on the network and doesn’t provide any information about whether these are buying or selling moves. 
As such, the only thing that can be said about these altcoins observing high interest from these humongous holders is that they are now more likely to display some volatility, the direction of which is uncertain. 
<h2 id="inj-price">INJ Price</h2> 
The 31st-placed coin in the market cap list, Injective, is trading around $35 after going up more than 4% in the past week. 
<img loading="lazy" decoding="async" class="alignnone size-medium aligncenter" src="https://www.tradingview.com/x/BctYu6sf/" alt="Injective Altcoins Price Chart" width="1534" height="854">

These Are The Altcoins Drawing Whale Interest, Santiment Reveals

Table of Contents

NewsBTC

Other articles published on Feb 15, 2024

USDC Anywhere Launches: Revolutionizing DeFi with Cross-Chain Accessibility

Bitcoin Price Prediction: BTC Surges More Than 4% As The BlackRock Bitcoin ETF Accumulates $500M ...

NFT Sales Surge Amid Rise In Crypto Prices – Here’s The 10 Top Selling NFTs This Week

TRON’s Bitcoin Layer 2 Breakthrough: Justin Sun Reveals Bold Plan

Coinbase shares surge 12.7% after fourth-quarter earnings beat

Hong Kong’s New Crypto Regulations: A Move to Curb Fraud and Enhance Security

Join our free newsletter for daily crypto updates!