- Santiment captured big whale transactions across multiple altcoin networks.
- The transactions accounted for increased volatility, but not a drop in price.
- Altcoin whales may be preparing for more significant exits from the market.
Santiment, the crypto market analytics platform, has alerted on increased whale transactions across multiple altcoin networks. An analyst on Santiment, who goes by the name “brianq”, suggested that the development could signal increased volatility rather than a token dump.
Big whale transaction numbers are showing up on several #altcoin networks today. This doesn't necessarily mean a dump is in progress, but it does indicate that increased volatility is likely. Check out our insight covering $LRC, $AAVE, $DYDX, & $CRV. https://t.co/pxmEhyhfP5 pic.twitter.com/BzWiKne77z— Santiment (@santimentfeed) February 3, 2023
The analyst posited that several altcoins benefitted from the crypto rally of January this year. While the market focused on Bitcoin as the flagship cryptocurrency, many altcoins registered significant price gains, with some doubling their value in less than 30 days.
Moreover, the analyst spotted a few altcoins…
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