Cryptocurrency analytics firm Santiment is looking at crypto whale transactions to reveal seven altcoins on an uptrend as the market witnesses a recovery.
In a tweet, Santiment seven crypto assets in the top-100 category by market cap that are enjoying an increase of more than 100% in whale activity.
“Crypto’s top 100 assets continue to see massive whale transactions occur. Among assets that are seeing at least TWICE the amount of $100,000 valued transactions, as usual, include: Litecoin (LTC), Axie Infinity (AXS), Maker DAO (MKR), Chiliz (CHZ), Compound Finance (COMP), TrueUSD (TUSD), and Synthetix Network Token (SNX).”
AXS is the governance token of the play-to-earn blockchain-based game Axie Infinity while CHZ is an Ethereum-based token that powers the sports fan engagement platform Socios.com, powered by
COMP and MKR are the governance tokens of the decentralized finance (DeFi) platforms Compound Finance respectively.
TUSD is a dollar-pegged stablecoin while SNX is the utility token of decentralized synthetic asset issuance protocol Synthetix
Santiment is also warning that despite DeFi platform (AAVE) enjoying growing network activity and a rising price, danger signs are flashing. Over the past two weeks, AAVE has surged by over 55% and is trading at $221.97 at the time of writing.
According to Santiment, AAVE’s Market Value to Realized Value (MVRV) over the past 30 days is excessively high and this could trigger a sell-off.
“MVRV is too high. There is a high risk of short term traders taking profits and therefore pressing the price down.”
Santiment also says that AAVE’s whale activity is spiking and historically this has tended to precede a fall in price.
“Whales transactions count seem to spike around price tops, this is what historical performance shows on the chart above. And the late spikes could also mark a local price top.”
