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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

These Are The Ethereum Altcoins Witnessing High Whale Interest

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Ethereum Altcoins Whale

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Here are the Ethereum-based altcoins that are currently witnessing a high amount of activity from the whales, according to on-chain data.

These Ethereum Altcoins Are Seeing High Whale Transactions Right Now

In a new post on X, the on-chain analytics firm Santiment has discussed how several Ethereum-based altcoins have been seeing notable whale activity recently.

The indicator of relevance here is the “whale transaction count,” which keeps track of the total number of transfers taking place on the network for a given cryptocurrency that is valued at $100,000 or more.

Generally, only the whales are capable of moving such large amounts in single transactions, so transfers carrying this much value are assumed to involve these humongous entities.

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When the value of this metric is high, it means that the whales are making a large amount of moves on the network right now. Such a trend implies these large investors have a high interest in the asset currently.

On the other hand, low values suggest the cryptocurrency may have a lack of whale interest behind it, as there are barely any large transactions occurring on the chain.

Now, here is a chart that shows the trend in the whale transaction count for a few different Ethereum-based altcoins over the past few months:

Ethereum Whale Transaction Count

The value of the metric seems to have been high for all of these assets recently | Source: Santiment on X

As displayed in the above graph, the whale transaction count has recently seen a sharp surge for these five altcoins: Fantom (FTM), Fetch.ai (FET), Render (RNDR), 0x Protocol (ZRX), and Reserve Rights (RSR).

“Ethereum’s market value is up to $3,920 and the #2 cap ranked market price ratio vs. Bitcoin is +9.5% in the past 3 days,” Santiment notes. “When these kinds of price dominance flips occur, we often see profits quickly redistribute, and whales becoming very active in ERC20-based altcoins.”

The alts in question here have all recently registered at least three-month highs in their whale activity. From the chart, it’s visible that Fetch.ai has observed the largest spike out of these assets.

Render leads in second place, while Fantom has followed after it in third. The prices of all three of these altcoins have registered rapid increases, with FTM coming out as the winner so far, with more than 67% in profits over the past week.

Thus, it would appear that the recent whale activity likely corresponded to buying pressure in these alts. It should be noted, however, that even if the whale transaction count remains high in the near future, it doesn’t necessarily have to lead to a bullish outcome.

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The indicator merely counts the number of all whale-sized transactions and doesn’t contain any information about whether they are being made for buying or selling.

All that the whale transaction count can say about these altcoins is that, should whale activity remain high, their prices would be probable to witness volatile action, but its direction could go either way.

ETH Price

Ethereum has managed to outperform Bitcoin in the past week, as the second-largest coin has seen an increase of around 15% that has now taken its price beyond the $3,900 level.

Ethereum Price Chart

Looks like the price of the coin has been going up in recent days | Source: ETHUSD on TradingView
Featured image from Yilei (Jerry) Bao on Unsplash.com, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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