Blockchain analytics firm Santiment says the native token of a decentralized crypto exchange (DEX) points to enormous fundamental strength behind the scenes. Santiment also points out whale purchases for the leading altcoin.
“The data points to a strong bullish trend for the altcoin project”
According to on-chain analytics platform Santiment, on-chain data is the native data of dYxX, the decentralized trading platform. It shows surprising growth for its token, DYDX. The analytics firm says there has been an anomalous boom in active addresses for DYDX that could signal a new bull run.
The recent increase looks rather unusual indeed for a stagnant price. Bull divergence?
Santiment also says that DYDX’s Network Growth has increased tremendously. According to Santiment, Network Growth is a metric that shows user adoption over time, as it tracks the number of new addresses transferring a particular altcoin project for the first time. The firm comments:
Then we found surprising Network Growth for DYDX. Take a look at this beauty. Along with strong Active Addresses, it is in a very strong bull trend that could potentially take the price. Previous pumping attempts have been at even lower Network Growth. According to
Santiment, some ‘confidence signs’ for the altcoin project that could indicate a strong bullish trend include:
- Price breakout 5, $40 (above resistance)
- Network Growth above 118 (current value)
- More than 380 Active Addresses (current level)
Ethereum’ Whale purchases continue in Turkey
As we have mentioned in the news of Kriptokoin.com, whales are in high demand for Ethereum. Regarding the leading altcoin Ethereum (ETH), the analytics firm says that whales, or assets with more than 1,000 ETH in their wallets, have swept away a much larger piece of the pie than a year ago. Santiment evaluates:
Ethereum’s top 10 whale addresses have 4.3% more of the total supply than it did a year ago today. 23.7% of all ETH held by these wallets is very close to the five-year highs that it crossed for the first time at the end of January.
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