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Here are the Ethereum-based altcoins that are currently witnessing a high amount of activity from the whales, according to on-chain data.
These Ethereum Altcoins Are Seeing High Whale Transactions Right Now
In a new post on X, the on-chain analytics firm Santiment has discussed how several Ethereum-based altcoins have been seeing notable whale activity recently.
The indicator of relevance here is the “whale transaction count,” which keeps track of the total number of transfers taking place on the network for a given cryptocurrency that is valued at $100,000 or more.
Generally, only the whales are capable of moving such large amounts in single transactions, so transfers carrying this much value are assumed to involve these humongous entities.
When the value of this metric is high, it means that the whales are making a large amount of moves on the network right now. Such a trend implies these large investors have a high interest in the asset currently.
On the other hand, low values suggest the cryptocurrency may have a lack of whale interest behind it, as there are barely any large transactions occurring on the chain.
Now, here is a chart that shows the trend in the whale transaction count for a few different Ethereum-based altcoins over the past few months:
The value of the metric seems to have been high for all of these assets recently | Source: Santiment on X
As displayed in the above graph, the whale transaction count has recently seen a sharp surge for these five altcoins: Fantom (FTM), Fetch.ai (FET), Render (RNDR), 0x Protocol (ZRX), and Reserve Rights (RSR).
“Ethereum’s market value is up to $3,920 and the #2 cap ranked market price ratio vs. Bitcoin is +9.5% in the past 3 days,” Santiment notes. “When these kinds of price dominance flips occur, we often see profits quickly redistribute, and whales becoming very active in ERC20-based altcoins.”
The alts in question here have all recently registered at least three-month highs in their whale activity. From the chart, it’s visible that Fetch.ai has observed the largest spike out of these assets.
Render leads in second place, while Fantom has followed after it in third. The prices of all three of these altcoins have registered rapid increases, with FTM coming out as the winner so far, with more than 67% in profits over the past week.
Thus, it would appear that the recent whale activity likely corresponded to buying pressure in these alts. It should be noted, however, that even if the whale transaction count remains high in the near future, it doesn’t necessarily have to lead to a bullish outcome.
The indicator merely counts the number of all whale-sized transactions and doesn’t contain any information about whether they are being made for buying or selling.
All that the whale transaction count can say about these altcoins is that, should whale activity remain high, their prices would be probable to witness volatile action, but its direction could go either way.
ETH Price
Ethereum has managed to outperform Bitcoin in the past week, as the second-largest coin has seen an increase of around 15% that has now taken its price beyond the $3,900 level.
Looks like the price of the coin has been going up in recent days | Source: ETHUSD on TradingView
Featured image from Yilei (Jerry) Bao on Unsplash.com, Santiment.net, chart from TradingView.com
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