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The blockchain intelligence platform Santiment revealed in an X (formerly Twitter) post yesterday that whale activity for several altcoins has spiked over the past few days. Interestingly, this increase in activity by large holders occurred during a period when the majority of the altcoin market recorded losses.
According to Santiment, a rise in whale activity when altcoin prices drop has historically indicated a high probability of a bullish turnaround. In the post, Santiment highlighted dYdX (DYDX), Ocean Protocol (OCEAN), TrueUSD (TUSD), and Request (REQ) as altcoins to watch, given the fact that whales shifted their focus on these cryptocurrencies recently.
🐳 As the #altcoin pack mostly declines Wednesday, we see outlier whale activity suddenly picking up on the $DYDX, $OCEAN, $TUSD, and $REQ. Typically, when whales pick up activity on an asset with falling prices, a turnaround becomes much more likely. https://t.co/GQoTKuk9F6 pic.twitter.com/P3KtUMyUBK
— Santiment (@santimentfeed) October 11, 2023
At press time, data from the cryptocurrency market tracking website CoinMarketCap indicated that the market’s collective valuation dropped 0.58% over the past 24 hours. Subsequently, the cryptocurrency market’s capitalization was estimated to be around $1.05 trillion.
Throughout the past day of trading, OCEAN was the only cryptocurrency mentioned in Santiment’s post that achieved a gain. Following a 1.71% 24-hour gain, the altcoin was changing hands at $0.2815 at press time. Although OCEAN’s price was up, it had retraced slightly from its 24-hour high of $0.2899.
Meanwhile, REQ suffered a substantial 24-hour loss of 20.21%. This knock against its price meant that REQ was trading hands at $0.09167. Despite this decrease in price, the altcoin recorded an uptick in its trading volume during the same period. CoinMarketCap data indicated that REQ’s 24-hour trading volume was up 10.85% and stood at $91,364,467 as a result.
Similarly, DYDX’s price dropped 2.31% throughout the past day of trading. Subsequently, the altcoin was valued at $1.84 at press time. This 24-hour loss was a continuation of DYDX’s negative weekly streak. Consequently, DYDX’s price was down 7.92% over the past 7 days.
TUSD, on the other hand, was trading slightly below the Dollar at $0.9996. This was after the stablecoin’s price slipped 0.05%.
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