Data quickly shows increased whale activity in altcoins as Bitcoin falls
- Whales are actively buying altcoins with the likes of MANA, Matic, etc expected to lead an alt season.
- Both Polygon (MATIC) and Fetch.ai (FET) saw increased activity with transaction values of more than $40 million.
Many experts have predicted what to expect in prices across the crypto market before and after the upcoming Bitcoin halving event next year. Based on historical data, there may be a price consolidation before the event, and a bull run after the mining reward is reduced to half. In response, whales have increased their activities on various crypto platforms. According to the blockchain analytics firm, Sentimentseveral altcoins have experienced increased transactions this year with some of them among the year’s largest.
The tweet advised traders and investors to continuously monitor Decentraland (MANA), DIA, Immutable (IMX) and The Sandbox (SAND). Santiment also revealed that both Polygon (MATIC) and Fetch.ai (FET) have recorded transaction values in excess of $40 million on their networks.
Whales on a shopping spree
Recently, WhaleStats estimated that Ethereum whales have bought stablecoins such as USDT, USDC and TUSD. In addition, two different whales bought 1.2 trillion SHIB tokens on March 20th. This was said to be worth $10.89 million. The first transaction was initiated by a whale with the wallet address ‘Kvothe’. He bought 899,999,734,985 (899.99 billion) SHIB tokens worth $9.61 million. Later, BlueWhale0073 also bought 122,047,578,208 (122.04 billion) tokens worth $1.28 million.
Crypto analyst @ali_charts on Twitter has also revealed that there has been a buying spree for XRP since late February when the asset fell to $0.34. According to him, the total holdings for XRP have grown by 6 percent from 3.79 billion to 4.03 billion XRP.
In the last month, ~50 whales with 10 million to 100 million $XRP have joined the #Ripple network.
These big investors have bought about 420 million #XRP, worth $155.4 million, data from @santimentfeed shows.
In addition to these, whales have bought stETH, wstETH, WBTC, Matic, aUSDT, etc.
Current performance of some altcoins
Matic currently has a bullish sentiment with a trading price of $1.14. In the last 24 hours, the asset has risen by 1.44 percent. Matic has a market cap of $9,963,946,765 and a 24 hour volume of $409,933,149.
XRP which was recently in a bullish sentiment has turned bearish with a current price of $0.384093. The asset has fallen by 4 percent in the last 24 hours and currently has a market capitalization of $22,047,334,961, and a 24-hour volume of $1,814,936,620.
Shiba inu is also in a bearish sentiment with a current price of $0.000011. According to data, the meme coin has risen by 0.41 percent in the last 24 hours and has a market cap of $6,344,486,421. Additionally, the 24-hour volume is $202,275,872.
Solana, an altcoin that was hit hard by the FTX collapse, is currently bearish with a trading price of $21.78. Price data shows that the asset has increased by 0.35 percent in the last 24 hours, and has a market value of $8,381,002,682. Its 24-hour volume is $510,853,480.
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While altcoins are largely bought by whales, Bitcoin is gaining momentum with a current of $28,118.89. With a current sentiment of neutral, Bitcoin has risen by 1.6 percent in the last 24 hours and has recorded a 24-hour volume of $22,894,113,636.
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