These 3 altcoins have witnessed a surge in whale activity across their networks, which historically implies a future price action in assets.
These 3 altcoins have witnessed increased whale activity
Major wallet investors in Cardano, HEX and Sandbox have increased their activity recently. Experts believe that this could trigger a trend reversal in altcoins in the short term. Cardano, HEX, and Sandbox are among the altcoins that have witnessed a spike in activity by major wallet investors. Since the beginning of 2023, there has been an increase in volatility in crypto prices. Key stakeholders in the crypto market displayed more excitement than usual.
According to analysts at Santiment, volatility is an ideal time to make significant moves to generate above-average returns in cryptocurrencies. Cardano (ADA), HEX and Sandbox (SAND) are seeing significantly higher levels of whale activity. There is a huge surge in whales’ interest in Ethereum killer Cardano.
On February 20, HEX witnessed the highest number of whale transactions since February 9. This coincided with a mid-scale correction in the altcoin, and experts believe history could repeat itself in the short term. Metaverse token Sandbox witnessed the third biggest increase in three months alongside the increase in prices. According to cryptokoin.com data, SAND posted 16% gains for holders last week. Also, rising whale activity raises the possibility of a short-term correction in the metaverse token.
Analysts at crypto intelligence tracker Santiment believe it is important to monitor whale activity as it coincides with a price trend reversal. The intensity of whale activity growth affects the magnitude of the price increase.
Anti-crypto conspiracy
When asked what the catalyst was for the increased regulation of the crypto industry, Cardano’s creator made it clear that this was the downfall of FTX. ‘At the time it happened, I knew the entire industry was going through a seriously difficult time,’ he concluded.
Hoskinson also agrees with Kraken exchange founder Jesse Powell’s theory that regulators are deliberately allowing malicious elements of the system, such as FTX or Three Arrows Capital, to grow and flourish.
According to Powell, such bad actors serve the agenda of regulators by proving the unreliability and danger of the crypto industry, so they are allowed to be huge. When they pop, they give an excuse to tighten the regulation, he summed up.
Hoskinson observed that this statement begins to seem plausible when fair notice is given for many companies that exploded months or years before recent events. At the same time, readers immediately reminded the entrepreneur of his skeptical remarks about the conspiracy in the SEC v Ripple case and congratulated him on finally waking up.
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