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Crypto analytics platform Santiment has reported an increase in the number of cryptokit transactions across several altcoin networks. According to the company’s specialists, this may signal increased volatility, and not a dump of tokens.
Today, a large number of whale transactions have appeared on several altcoin networks. This does not necessarily indicate that a dump is occurring, but it does indicate increased volatility. Check out our analysis on LRC, AAVE, DYDX and CRV.
During the cryptocurrency rally in January, several altcoins showed big gains, with some of them doubling their value in less than 30 days. This is what crypto-whales took advantage of.
Analysts at Santiment drew attention to the Loopring (LRC) token, which gained 113% in January due to extreme whale activity. The network recorded 41 transactions in excess of $100,000.
On the same day, 106 trades were registered on the Aave (AAVE) network, despite the token’s failure to rise to the LRC level in January. Large transactions had little effect on the price of AAVE.
A similar scenario was with DYDX, whose impressive 173% gain was driven by 61 transactions worth over $100,000.
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