Rising Whale Activity on These Three Ethereum-Based Altcoins a Sign of Potential Bullish Turnaround: Santiment
Crypto analytics platform Santiment says that three altcoins are showing signs of potentially reversing course after a bearish run.
Santiment says that whale activity is on the rise for decentralized exchange protocol dYdX (DYDX), data exchange platform Ocean Protocol (OCEAN) and crypto payments network Request (REQ).
According to Santiment, the rise in whale activity signals that a “turnaround becomes much more likely” after a period of price declines.
DYDX is trading at $1.85 at time of writing while OCEAN is changing hands at $0.286. REQ is priced at $0.081 at time of writing.
Turning to Ethereum (ETH), Santiment says that the largest exchange and non-exchange wallets are loading up on the second-largest crypto by market cap. The analytics firm notes that the 10 largest non-exchange wallets own $61.1 billion worth of Ethereum – a new all-time high.
Meanwhile, the 10 largest exchange wallets control $10.9 billion worth of ETH.
“Ethereum’s top 10 non-exchange and top 10 exchange addresses continue getting richer as its market value hovers just above $1,570. 8.51% of ETH currently sits on exchanges, and the 10 largest wallets away from exchanges hold a whopping 39.22 million of them.”
Santiment also says that Ethereum is seeing an uptick in the social dominance metric as the rate ETH is being discussed on social media platforms is at the highest level in about a month.
According to Santiment, old Ethereum coins are also moving at the highest rate in a month as interest from traders remains high.
Ethereum is trading at $1,550 at time of writing.
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