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 lists 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 Chiliz.
COMP and MKR are the governance tokens of the decentralized finance (DeFi) platforms Compound Finance and Maker 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 (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.”
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