Surge in Whale Activity on Three Ethereum-Based Altcoins: A Promising Indicator of a Bullish Reversal, According to Santiment

Crypto News– According to the crypto analytics platform Santiment, there are indications that three altcoins might be poised for a reversal following a bearish phase.

Surge in Whale Activity on Three Ethereum-Based Altcoins: A Promising Indicator of a Bullish Reversal, According to Santiment

Santiment’s analysis reveals a notable surge in whale activity for three specific Ethereum-based altcoins: decentralized exchange protocol dYdX (DYDX), data exchange platform Ocean Protocol (OCEAN), and crypto payments network Request (REQ). Santiment suggests that this upturn in whale activity serves as a promising signal, making a “reversal much more likely” after a phase of declining prices.

At the time of writing, dYdX (DYDX) is trading at $1.85, while Ocean Protocol (OCEAN) is changing hands at $0.286. Request (REQ) is currently priced at $0.081.

Shifting the focus to Ethereum (ETH), Santiment’s data suggests that both the largest non-exchange and exchange wallets are actively accumulating the second-largest cryptocurrency by market capitalization. Notably, the ten largest non-exchange wallets now possess a collective sum of $61.1 billion in Ethereum, marking a new all-time high.

Conversely, the ten largest exchange wallets are in control of $10.9 billion worth of ETH. These statistics highlight a significant accumulation of Ethereum by both major non-exchange and exchange wallets, underscoring the growing interest in cryptocurrency among institutional and retail investors alike.

Santiment’s data also indicates that Ethereum is experiencing an increase in the social dominance metric, with discussions about ETH on social media platforms reaching their highest level in approximately a month.