Not DOGE, But Whales Are Chasing This Meme Coin: Is It a Sign of a Bottom Buy?
Blockchain analytics firm Santiment has announced the ranking of various altcoins in the cryptocurrency sector in terms of the increase in Whale Transaction Count. Here, “Whale Transaction Count” refers to an indicator that tracks the total number of transfers worth more than $100,000 that occur on a given network. Generally, only whale assets can move such large amounts in a single transaction, so the metric is assumed to be representative of the activity of these massive investors.
When the Whale Transaction Count value increases, it means that whales are increasing the number of moves they make each day. Such a trend could mean that there is increasing trading interest in the asset among large holders. On the other hand, a decreasing indicator indicates that whales are paying less attention to the cryptocurrency as their trading activity decreases. Here is the list shared by the analytics firm, showing how the top 10 altcoins currently look in terms of 24-hour increase in Whale Transaction Count:
As seen above, the Arbitrum version of stablecoin Dai (DAI) was the number one cryptocurrency on the list with its Whale Transaction Count witnessing a 2,000% increase in the last 24 hours. #Polygon (MATIC) and meme coin #Floki (FLOKI) on the #Ethereum blockchain followed DAI with whale activity increases of 533% and 450% respectively.
However, this is only true for volatile assets like meme coins Floki and Polygon. For stablecoins, the growth in the indicator may have a different meaning. Investors often use these assets to buy volatile coins, so an increase in the metric for a stablecoin could mean that whales are looking to buy other assets like $FLOKI and #MATİC . However, it is not yet clear whether the high increases in the Whale Transaction Count will be reflected in the prices of these altcoins.
$ETH $POL
Blockchain analytics firm Santiment has announced the ranking of various altcoins in the cryptocurrency sector in terms of the increase in Whale Transaction Count. Here, “Whale Transaction Count” refers to an indicator that tracks the total number of transfers worth more than $100,000 that occur on a given network. Generally, only whale assets can move such large amounts in a single transaction, so the metric is assumed to be representative of the activity of these massive investors.
When the Whale Transaction Count value increases, it means that whales are increasing the number of moves they make each day. Such a trend could mean that there is increasing trading interest in the asset among large holders. On the other hand, a decreasing indicator indicates that whales are paying less attention to the cryptocurrency as their trading activity decreases. Here is the list shared by the analytics firm, showing how the top 10 altcoins currently look in terms of 24-hour increase in Whale Transaction Count:
As seen above, the Arbitrum version of stablecoin Dai (DAI) was the number one cryptocurrency on the list with its Whale Transaction Count witnessing a 2,000% increase in the last 24 hours. #Polygon (MATIC) and meme coin #Floki (FLOKI) on the #Ethereum blockchain followed DAI with whale activity increases of 533% and 450% respectively.
However, this is only true for volatile assets like meme coins Floki and Polygon. For stablecoins, the growth in the indicator may have a different meaning. Investors often use these assets to buy volatile coins, so an increase in the metric for a stablecoin could mean that whales are looking to buy other assets like $FLOKI and #MATİC . However, it is not yet clear whether the high increases in the Whale Transaction Count will be reflected in the prices of these altcoins.
$ETH $POL