Whales Show Renewed Interest in Altcoins

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by Giorgi Kostiuk

2 years ago

Whales, known for their significant influence in the crypto market, are returning to altcoins, focusing on ten notable coins and tokens.

Reassessment of Old Assets

Santiment analysts noted a significant increase in large transactions with ten notable assets in the past week. Among them, DeXe and AIOZ led with 1,000% and 706% growth in whale activity. Bitfinex's Unus Sed Leo (LEO) also saw a 400% spike, suggesting influence from Bitfinex participants. Maker (MKR) was an exception, with 120% activity signaling potential selling.

Interest in Web3 Tokens

Whales have also turned their attention to Web3 tokens, including Mantle (MNT), Safe (SAFE), SuperVerse (SUPER), and Decentraland (MANA), aiming to recover their 2021 highs. MNT is trading near its three-month peak at $1.27, SAFE has rebounded to $1.06, and MANA has consolidated around $0.52.

Is Altcoin Season Returning?

The altcoin season index is once again seeking direction, sliding to 53 points after a recent local high of 59 points. While an altcoin rally is expected in Q1, there are fears of another significant drawdown. Historically, rallies occurred in the first quarter, but the focus is now on whether older assets will join the rise.

The interest of whales in altcoins signals a potential resurgence, yet the market remains volatile, prompting cautious optimism from investors.

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