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Analysts affiliated with the cryptocurrency analysis company Santiment reported that the increase in whale activity in some altcoins was remarkable.
According to analysts, whale activity in dYdX (DYDX), Ocean Protocol (OCEAN), TrueUSD (TUSD), and Request (REQ) altcoins has spiked meaningfully relative to the overall market. This happened despite the decline in altcoins.
Typically, whales increase their activity on an asset after a decline in price, and if that happens, the likelihood of a price reversal increases, Santiment analysts said.
Since TrueUSD (TUSD), one of the altcoins issued by Santiment, is a stablecoin, the meaning of the increase in whale activity in this token may be interpreted differently. TUSD is recently known as a cryptocurrency supported by Binance and was once one of the most popular Bitcoin pairs on Binance due to its transaction fee exemption.
Binance later announced support for numerous other smaller stablecoins. CZ also said in his statement that he was on the side of a market dominated by more than one stablecoin.
Among the other altcoins mentioned by Santiment, DYDX has a market value of $ 341 million, OCEAN has a market value of $ 400 million, and REQ has a market value of $ 95 million.
*This is not investment advice.