Increased Whale Transactions in Three Ethereum Altcoins Indicate Bullish Shift: Santiment Analysis

Santiment, a leading crypto analytics platform, highlights three altcoins poised for a potential bullish reversal after a downtrend.

Santiment reports increased whale transactions in dYdX (DYDX) - a decentralized exchange protocol, Ocean Protocol (OCEAN) - a data exchange platform, and Request (REQ) - a crypto payments network. This surge in whale activity, as per Santiment, often indicates a probable reversal, especially after a phase of price drops.

Source: Santiment/X

Currently, dYdX (DYDX) is priced at $1.85, OCEAN trades at $0.286, and REQ stands at $0.081. Shifting focus to Ethereum (ETH), Santiment reveals significant accumulation by the largest exchange and non-exchange wallets. The analytics highlight that the top 10 non-exchange wallets now hold Ethereum worth $61.1 billion, marking a record high. In contrast, the 10 leading exchange wallets possess $10.9 billion in ETH. As Ethereum's market value remains slightly above $1,570, its top wallets continue to amass more. Presently, 8.51% of all ETH is held in exchanges, with the ten dominant non-exchange wallets controlling an impressive 39.22 million ETH.

Source: Santiment/X

Santiment reports a surge in Ethereum's social dominance metric, indicating its heightened discussion on social platforms, reaching a peak not seen in a month. Additionally, the analytics firm points out that older Ethereum coins are circulating at their fastest pace in the same period, reflecting sustained trader interest.

Source: Santiment/X

Currently, Ethereum's market price stands at $1,550.

Oct 14, 2023

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