Santiment data reveals 3 altcoin projects swallowed by whales as the cryptocurrency market heats up during the rally in early summer.
According to Santiment, whales turn to these 3 altcoin projects during their rally
A recent Santiment tweet shows that whales who spent more than $100,000 per transaction were uploaded to Dogecoin. On July 18 alone, there were 106 transactions of this magnitude. The analytics firm also describes its DEX Uniswap and L2 scaling solution Polygon as popular with whales:
Many cryptocurrencies experienced a healthy recovery in their market values in July. However, we can observe that the number of whale transactions of $100,000 or more is starting to rise. DOGE, MATIC and UNI are experiencing a noticeable increase in these large transactions on their networks.
Meanwhile, the DOGE price gained 9.3% from $0.064 to $0.070 in July. Polygon (MATIC), on the other hand, rose nearly 73% from $0.48 to $0.83. Uniswap (UNI) rose 41.8% from $4.87 to $6.91 in the same time frame. One of the other names that Santiment detected whale accumulation was Bitcoin (BTC).
Bitcoin transactions over $1 million on the rise
Santiment especially drew attention to the increasing whale transactions since earlier this week. The data shows an increase in whale buying activity of $1 million and over for Bitcoin (BTC). The analytics firm also says that market concerns are fueling optimism, as Bitcoin investors seem willing to buy and avoid fear of loss (FOMO). The company’s comments about it:
After a strong Bitcoin on Tuesday, investors are changing their strategy and feeling a long-term breakout. The ratio between BTC long and short is at its highest since early May as the cryptocurrency with the largest market capitalization increased. Beware of FOMO.
As you follow on Kriptokoin.com, after about 6 months of downtrend, Bitcoin price made a strong comeback in July. Despite the last correction, it has been green at 14.5% since last week. BTC price, meanwhile, recorded its local high of $24,196.82.
Notable altcoin projects on GitHub
Santiment then provides an update on which projects have garnered the most attention on developer platform GitHub in the past 30 days to complete its analysis of the cryptocurrency ecosystem. Scalable smart contract platform Cardano (ADA) ranked first this week. Cardano is followed by Polkadot (DOT), a system for cross-chain interoperability. In third place is Kusama (KSM).
Ethereum (ETH) and MIOTA (MIOTA) round out the top five in terms of development. Santiment interprets this data as follows:
In terms of development activities in July, ADA, DOT, KSM, ETH and MIOTA are leading. Submissions are just one aspect of measuring GitHub activity. Used to measure code submissions, issue interactions, and other metrics.
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