HomeAltcoinMassive whale activity for Ethereum-based altcoin suggests a big breakout incoming: Santiment

Massive whale activity for Ethereum-based altcoin suggests a big breakout incoming: Santiment


The rise in crypto whale activity on an altcoin built on Ethereum (ETH) suggests a major turnaround, according to blockchain analytics firm Santiment.

Santiment says Maker (MKR), a well-established decentralized finance (DeFi) protocol that uses smart contracts to power stablecoin-based lending, has seen its biggest whale transaction in more than three months.

“Maker made its biggest whale movements in over three months a couple of hours ago. 24,331 MKR ($17.4 million) was moved to a whale address and then another move of identical size was made. In recessions, massive moves like this are often correlated with turnarounds.”

Fountain: Sentiment/Twitter

At the time of writing, MKR is up over 4% in the last 24 hours, currently trading at $772.91.

Santiment says that there is another bullish signal blinking in the crypto markets. According to the firm, dormant TrueUSD (TUSD) coins are making a sudden move as supply of the stablecoin on crypto exchanges has reached its highest level in almost two years. Dormant coins are crypto assets that have been dormant for a long time.

Santiment says that such a sudden move in stablecoins usually bodes well for crypto markets.

“TrueUSD has seen waves of previously dormant coins move onto exchanges, pushing its exchange supply to 73% for the first time since June 22, 2021. Typically, stablecoins moving onto exchanges involve a higher purchasing power and a good sign for cryptocurrencies”.

Fountain: Sentiment/Twitter

Santiment also reports that Bitcoin (BTC) and Ethereum traders are closing out their positions at losses in recent days, a trend the firm says generally precedes a market bottom.

“Bitcoin and Ethereum are seeing more traders selling at a loss than a profit this week, the first week of its kind so far in 2023. Historically, once the crowd exits their positions more frequently at losses, the more likely they will be. form funds. .”

Fountain: Sentiment/Twitter

Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox

Check Price Action

follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

Check the latest news headlines


Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/IvaFoto


Heath Tarbert joins Circle as General Counsel and Director of Corporate Affairs

In an exciting development for the global fintech industry, Circle Internet Financial has appointed Heath Tarbert as its new Chief Legal Officer and Head of...

Here is the bullish case for Ethereum Rival Solana (SOL), according to InvestAnswers

A widely followed analyst is giving a bullish outlook on the blockchain development of Ethereum (ETH) competitor Solana (SOL). In a new interview with Paul Barron,...

Rich Dad Poor Dad Author Says Biggest Real Estate Crash in History Is Coming, Calls BTC and Precious Metals the Answer

Rich Dad Poor Dad author Robert Kiyosaki once again predicts that the real estate sector will collapse and cause a severe global financial crisis. Former best-selling...

Binance Pay and Credencial Payments join forces to enable real-time crypto payments in Latin America

In a strategic alliance that aims to revolutionize the digital payments landscape, Binance Pay, the digital payments platform of the world's largest cryptocurrency exchange, Binance,...

Most Popular