Crypto analytics firm Santiment says that a huge whale transaction of Decentraland (MANA) could signal a big price swing for the Ethereum-based metaverse project.
Santiment says a whale suddenly moved 256.31 million MANA worth about $190.2 million, one of the largest transactions the network has ever seen.
[adinserter block="1"]A transaction of this size, Santiment says, generally foreshadows a significant price move.
“Decentraland had one of its largest transactions of all time on its network today, with 256.31 million MANA moved out of a known whale address.
This move was worth $190.2 million. Typically, these massive transactions foreshadow price swings in a new direction.”
MANA is trading for $0.70 at time of writing.
Santiment also says the largest Chainlink (LINK) transaction in eight months just occurred with a whale moving $106 million worth of LINK.
The whale transaction came just before LINK reached its highest price since the FTX collapse, $8.34. LINK has retraced to $7.70 at time of writing.
“Chainlink’s largest transaction in eight months occurred 12 hours ago. $106 million in LINK moved to a new whale address, the largest move since June. This transfer was four hours before the price topped out at $8.34, the highest since the FTX collapse.”
Santiment says that overall the crypto markets are looking healthy with some projects making 20% gains in their market caps in the past week alone as Bitcoin (BTC) threatens to take out the big psychological price level of $25,000.
“The crypto markets continue showing impressive returns, with a large handful of projects that have added back 20% or more to their market caps in the past week. Bitcoin continues to tease the $25,000 range, allowing altcoins to continue pumping right and left.”
Bitcoin is trading for $24,456 at time of writing.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/JLStock
