Analytics firm Santiment is looking at crypto’s richest wallets to identify possible entry points amid a long-term downtrend in the markets.
First on the firm’s radar is decentralized virtual world The Sandbox (SAND), which Santiment says experienced “eye-opening supply accumulation” despite recent price struggles.
“The Sandbox, one of the altcoin darlings from late 2021, has been on quite the price downswing in 2022.
But the good news is that there has been some pretty eye-opening supply accumulation from high-end SAND holders since early March.”
At time of writing, The Sandbox is up 10.76% over the last 24 hours, trading for $1.08.
Santiment next looks at Ethereum-rival Cardano (ADA). The firm observes a 10% drop among wallets holding 10,000 to 1 million ADA.
“The holders of between 10,000 to 1,000,000 ADA make up 27.3% of the supply, and they owned 30.5% just three months ago.
This is just over 10% of their personal supply being dumped to exchange wallets and smaller unknowing addresses.”
Cardano is in the green by 5.5% on the day, currently priced for $0.48.
Santiment next looks at Yearn.Finance (YFI), highlighting a 6.5% decrease among owners of between 1,000 and 10,000 YFI tokens.
“Yearn Finance’s 1,000 to 10,000 holders, which are typically the most active and correlated with YFI’s price movements, have fluctuated their holdings wildly over the past 6 months.
But the net outcome is still showing about a -6.5% decline in supply held by these addresses during this time, and we have to be mildly worried seeing this kind of pattern.”
Yearn.Finance is surging by 41.5% over the last 24 hours, changing hands for $7,088 at time of writing.
Santiment last looks at Dogecoin (DOGE), claiming the number of wallets owning between 1 million and 10 million DOGE has not increased substantially since a major selloff this past March.
“Dogecoin has had its share of short attempts at a breakout, but its price has nevertheless fallen to BTC [Bitcoin] as the vast majority of altcoins have.
The key 1 million to 10 million tier of DOGE holders have been staying down on their holders since a massive selloff occurred in early March.”
Dogecoin is trading for $0.065 at time of writing.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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