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A few mid and low-cap altcoins registered significant upside price movements last week. According to the market intelligence platform with on-chain and social metrics, Santiment, investors should pay close attention to the market whenever such moves happen.
😮 There was unexpected big #altcoin movement to end the week, as sharks and whales shuffled around some mid and low cap assets. $MTL, $POWR, $AERGO, and $DIA were among the largest we have picked up, and any time smaller assets like these see $10M+ moves, they're worth watching. pic.twitter.com/SUjydOanyY
— Santiment (@santimentfeed) May 20, 2023
The altcoin market of the past week experienced some whale activities, with MTL, POWR, AERGO, and DIA among the top movers. Data from Santiment shows that, on average, each of these altcoins registered transactions worth over $10 million. That suggests that altcoin whales may be significantly interested in them.
Metal (MTL) topped the top transactions chart among the listed altcoins. It recorded a move worth $37,892,848 during the week under consideration. From Santiment’s analysis, this move represents a capital injection that could materialize in the value of MTL. As of the time of writing, users did not see the impact of the capital injection on the MTL price, which has been in a tight range all week. MTL sold for $1.029 at the time of writing.
POWR’s price did not change much within the week, despite recording a $30,735,157 transaction volume. The price bounced from a local low of $0.1532 but traded slowly to the upside. With a minor uptrend, POWR sold for $0.1641 as of the time of writing, attempting to break through a short-term trendline around the current price level.
Among the set, AERGO registered a spike resulting from the capital injection. The price rallied significantly after bouncing from a local low of $0.1066 at the beginning of the week. The rally terminated at $0.1400 before pulling back. AERGO traded at $0.1172 at the time of writing.
DIA registered a spike similar to AERGO’s during the week under consideration. With a capital injection of over $18 million, the price spiked to $0.32643 after bouncing off a local low of $0.27046 at the beginning of the week. DIA’s price at the time of writing was $0.29976 after correcting the recent spike.
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