New data from crypto analytics platform Santiment reveals that whale transactions are spiking for Litecoin (LTC), Polygon (MATIC) and two Ethereum (ETH)-based altcoins.
According to the market intelligence firm, Bitcoin (BTC) alternative Litecoin is experiencing resurgence of whale activity that could result in another price explosion of more than 30%, which is what happened the last two times whale activity centered around LTC spiked.
“Litecoin’s large whale transactions have exploded with activity, indicating a resurgence of transactions that are valued at $1 million or more. On the tail end of the last two similarly sized whale spikes, prices jumped +37% and +33% at their peaks.”
At time of writing, Litecoin is changing hands at $87.29. A 30% price increase would bring Litecoin to a value of about $114.
Santiment also says the networks of layer-1 protocol Aave (AAVE), decentralized exchange DyDx (DYDX) and scaling solution Polygon have seen a huge increase in whale transactions in the past month, adding that their prices have also seen big increases.
“AAVE (+56% 30-day price), MATIC (+35%), and DYDX (+94%) have all seen dramatic rises in the amount of whale transactions on their respective networks over the past month. The increased large address interest in these assets should be watched closely.”
At time of writing, DyDx is changing hands for $2.51 while Aave and Polygon are moving for $87.33 and $1.17, respectively.
The crypto analytics platform goes on to note that altcoins overall are having a strong rally to start the year, and the upswing looks like it may continue.
“Altcoins are on another impressive run, with several notable assets up 20% or more. After a five-day crypto dip, prices are seeing little resistance. Social spikes and FOMO (fear of missing out) may cause a top, or traders will scoff at this run (allowing rallies to continue).”
Generated Image: Midjourney/ Shutterstock