Rising Whale Activity on These Three Ethereum-Based Altcoins a Sign of Potential Bullish Turnaround: Santiment
Crypto analytics platform Santiment has identified three altcoins that may be poised for a bullish turnaround based on increasing whale activity. The altcoins in question are dYdX (DYDX), Ocean Protocol (OCEAN), and Request (REQ).
According to Santiment, a surge in whale activity suggests that these coins may reverse their recent price declines.
At the time of writing, DYDX is trading at $1.85, OCEAN is priced at $0.286, and REQ is valued at $0.081.
Ethereum’s Growing Wealth and Social Dominance
Santiment also highlights the growing wealth of Ethereum (ETH) holders. The top 10 non-exchange wallets now hold a record-breaking $61.1 billion worth of ETH, while the top 10 exchange wallets control $10.9 billion.
In addition, Ethereum’s social dominance metric has increased as discussions about ETH on social media platforms reach their highest level in a month. Furthermore, there has been a notable increase in the movement of older Ethereum coins, indicating sustained interest from traders.
Currently, Ethereum is trading at $1,550.
Hot Take: Potential Bullish Reversal for Altcoins and Growing Interest in Ethereum
Santiment’s analysis suggests that dYdX, Ocean Protocol, and Request may experience a bullish reversal due to increased whale activity. This indicates a possible turnaround after a period of price declines. Meanwhile, Ethereum continues to attract attention as its top wallets accumulate more wealth, and discussions about ETH on social media platforms surge. These indicators point to a potential uptrend for altcoins and growing interest in Ethereum.
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