On-chain market analysis firm Santiment is revealing that crypto whales may be behind an altcoin’s recent rally in the wake of Bitcoin’s significant correction.
In a new tweet, Santiment says that SushiSwap (SUSHI) is performing well despite Bitcoin’s recent corrective move as whales gobble up the decentralized finance (DeFi) asset.
“SUSHI has been one of the nicest bounces following the brief BTC dip below $30,000. Why? Whales, as usual. The amount of SushiSwap addresses with at least 100,000 tokens has surged at an unprecedented rate, and prices generally follow top holders.”
SushiSwap (SUSHI) is a decentralized exchange that allows users to trade crypto assets. The automated market maker is governed by SUSHI, a token that is distributed to liquidity providers on SushiSwap. SUSHI gives holders governance rights while allowing them to stake the coin in the protocol to earn rewards.
The asset is trading at $7.15 at time of writing, up nearly 225% in 30 days, according to CoinGecko.
The crypto insights firm says that other altcoins are also appreciating following Bitcoin’s decline. Some of those projects include the second-largest crypto asset by market cap Ethereum (ETH) and the token of derivatives liquidity protocol Synthetix (SNX).
Other tokens that are bouncing include DeFi yield aggregator Yearn.finance (YFI), automated market maker Uniswap (UNI), crypto lending and borrowing protocol Compound (COMP) and decentralized exchange Bancor (BNT), according to Santiment.
Santiment adds that the number of Ethereum whales is going up after the leading smart contract platform printed a new all-time high.
“Think Ethereum whales are taking profit after ETH’s first ATH in 3 years? There were 1,211 addresses with 10,000 ETH addresses Saturday, just before history was made. This number is now up to 1,225.”
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