Analytics Firm Says Whales Are Quietly Accumulating Top Ethereum-Based Altcoin Project
Crypto analytics firm Santiment says two of the largest altcoins by market cap now possess diverging near-term prospects.
First up, the firm analyzes Chainlink (LINK), the Ethereum-based altcoin powering a decentralized network that enables smart contracts to access real-world data.
Santiment says Chainlink whales have steadily increased their holdings of the oracle network’s native token, accumulating 17.1 million LINK tokens worth over $228.28 million in less than two weeks.
“Chainlink’s key whale addresses that hold between 10,000 to 10 million LINK have accumulated 17.1 million since February 27th. This rise in their collective holdings is encouraging, considering these address holdings correlate with rises and falls against BTC.”
Chainlink is trading at $13.35 at time of writing, up 3.1% in the last 24 hours.
Next up, Santiment takes a look at Ethereum-competitor Fantom (FTM).
Santiment says that the trajectory of the smart contract-enabled blockchain’s native token has “changed dramatically overnight.”
According to Santiment, the catalyst was famed decentralized finance (DeFi) developer Andre Cronje stepping away from Fantom where he was a technical advisor.
The analytics firm also mentions other projects that Cronje participated in such as yield farming platform Yearn Finance (YFI) and Keep3r Network (KP3R), a decentralized registry designed to match employers with technical professionals.
“With Andre Cronje departing from Fantom, FTM’s trajectory has of course changed dramatically overnight. Additionally, YFI, KP3R, and roughly 25 projects are no longer supported.”
Over two dozen apps and services associated with Cronje are expected to shut down on April 3rd.
Cronje’s departure from Fantom and the wider crypto space was announced earlier this week and sent FTM tumbling. Over the past seven days, FTM is down by 35%. Fantom, which is trading at $1.25 at time of writing, has fallen by 65% from the all-time high reached in October of 2021.
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Author: Daily Hodl Staff
