Whales Are Actively Accumulating Three Altcoins – And Selling Two Others, According to Crypto Analytics Firm Santiment
Crypto whales are actively accumulating three altcoins and selling two others, according to the crypto analytics firm Santiment.
Santiment says whale tracking can be an effective method of determining which crypto assets look bullish or bearish.
The analytics firm notes that the number of whale addresses holding between 1-10 million Skale (SKL) has surged in the past week.
SKL is the native asset for Skale, a blockchain network that aims to enable developers to create and provide decentralized chains that are compatible with Ethereum. SKL is trading at $0.28 at time of writing and is down more than 10% in the past 24 hours.
The number of whale addresses holding between 100-10,000 Maker (MKR) has also shot up in the second half of November, according to Santiment.
Maker is a governance token that supports DAI, a stablecoin that is pegged one-to-one to the US dollar without any banks, governments or third parties. MKR is trading at $2,683.35 at time of writing and is down more than 9% on the day.
Santiment notes that the number of whale addresses holding between 1-10 million Ocean Protocol (OCEAN) has also increased in the second half of last month.
OCEAN is the native asset of the Ocean Protocol, a blockchain ecosystem that connects data providers and consumers. The 193rd-ranked crypto asset by market cap is trading at $1.15 at time of writing and is down nearly 9% in the past 24 hours.
On the flip side, Santiment notes the number of whale addresses holding between 1-10 million Ren (REN) has decreased in the past week.
Ren is a platform that powers transactions between different blockchain platforms. It aims to make it easy for users to adopt and invest in decentralized finance (DeFi). REN is trading at $0.80 at time of writing and is down more than 8% on the day.
The number of whale addresses holding between 1-10 million GRT is also down in the past two weeks, according to the analytics firm.
GRT is the native token for The Graph, a platform that indexes and organizes blockchain data. The 46th-ranked crypto asset by market cap is trading at $0.79 at time of writing and is down more than 9% on the day.
Santiment also notes the number of addresses holding between 100-10,000 Basic Attention Token (BAT) has also gone down slightly. While the analytics firm refers to these addresses as “whales,” that appears to be a mistake, since BAT is only trading at $1.21 at time of writing.
BAT is a utility token based on Ethereum. It powers the anti-ad web browser Brave, which focuses on protecting a user’s data by removing ads and ad trackers. The 84th-ranked crypto asset by market cap is trading is down 12.5% in the past 24 hours.
You can read the full report here.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Larich/Sensvector
The post Whales Are Actively Accumulating Three Altcoins – And Selling Two Others, According to Crypto Analytics Firm Santiment appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff