Analytics firm Santiment is tracking three altcoins being swallowed up by whales as the crypto markets sizzle during an early summer rally.
According to a Santiment post, crypto investors who spend over $100,000 per transaction are loading up on popular meme token Dogecoin (DOGE), with 106 such transactions taking place on July 18th alone.
The firm also highlights layer-2 scaling solution Polygon (MATIC) and decentralized crypto exchange Uniswap (UNI) as being high on the whales’ shopping list.
“With many altcoins enjoying a solid rebound to their market caps in July, we can see the amount of $100,000+ valued whale transactions are beginning to rise.
DOGE, MATIC, and UNI are noticeably seeing rises in these large transactions on their networks.”
In the month of July, Dogecoin is up 9.3% from $0.064 to $0.070, Polygon has risen 72.9% from $0.48 to $0.83, and Uniswap surged 41.8% from $4.87 to a valuation of $6.91 at time of writing.
Regarding the largest crypto asset by market capitalization Bitcoin (BTC), Santiment earlier this week noted that whale purchase activity above the $1 million mark had also gone up.
The analytics firm says the market jitters are giving way to optimism as Bitcoin investors seem eager to flock in and avoid the fear of missing out (FOMO).
“Traders are changing their tune and are smelling a long-term breakout after a dominant Bitcoin Tuesday.
With the #1 market cap asset in crypto surging, the ratio between BTC longs and shorts is at its highest point since early May.
Watch for FOMO.”
Bitcoin has rallied nicely this month, starting at $19,431 and rising by 19.6% to $23,252 at time of writing.
Santiment concludes its survey of the crypto landscape by providing an update on which projects have seen the most activity on the developer site GitHub over the past 30 days.
Back on top is scalable smart contract platform Cardano (ADA), followed by cross-chain interoperability protocol Polkadot (DOT) and its canary test network Kusama (KSM).
Rounding out the top five in development activity are leading smart contract Ethereum (ETH) and the Internet-of-Things connector and distributed ledger IOTA (MIOTA).
“ADA, DOT, KSM, ETH, and MIOTA lead in development activity here in July.
Measuring GitHub activity goes beyond just quantity of submissions. We measure via code pushes, issue interactions, and more.”
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