Cryptocurrency analysis firm Santiment has revealed that whales in the market, that is, investors with a large amount of altcoins in their wallets, are stocking 7 coins, including Axie Infinity (AXS). Here are the details…
Santiment pointed to whales buying AXS
Santiment in a tweet, seven cryptocurrencies in the top 100 category by market cap, enjoying a more than 100 percent increase in whale activity lists the unit. Santiment reveals the altcoins in question using the following expressions in a recent post:
The top 100 cryptocurrencies by market cap continue to see huge whale transactions. As usual, assets traded for at least twice the $100,000 traded amount include: Litecoin (LTC), Axie Infinity (AXS), Maker DAO (MKR), Chiliz (CHZ), Compound Finance (COMP), TrueUSD (TUSD) and Synthetix Network Token (SNX). As
Kriptokoin.com, AXS is the management token of the play-to-win blockchain-based game Axie Infinity. CHZ is an Ethereum-based token that powers Socios.com, the sports fan engagement platform powered by Chiliz. COMP and MKR are management tokens of decentralized finance (DeFi) platforms Compound Finance and Maker, respectively. TUSD is a dollar-pegged stablecoin while SNX is the utility token of the decentralized synthetic asset creation protocol Synthetix.
alerted for AAVE
Santiment also warns that danger signs are flashing despite DeFi platform Aave (AAVE) enjoying growing network activity and rising price. According to Santiment, the ratio of AAVE’s Market Value to Realized Value (MVRV) over the past 30 days is excessively high, which could trigger a sell-off. Santiment points out that this situation can be attributed to the tendency of short-term investors to make profits, pointing out that the price may be at risk of falling.
Santiment also says that AAVE’s whale activity is increasing rapidly and historically this has tended to precede price declines. “The number of whale trades appears to be rising at the top of prices, this is what the historical performance shows in the chart above,” the firm says. It is also thought that the spikes that may be experienced later may mark local peaks. AAVE is changing hands at $241, up 8% at the time of writing.
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