Crypto analytics firm Santiment says that the prices of eight altcoins are showing signs of moving higher.
Santiment says that the supplies of the Ethereum (ETH)-based native tokens of decentralized exchanges SushiSwap (SUSHI) and Injective Protocol (INJ), decentralized finance platform CurveDAO (CRV) and cross-chain protocol Biconomy (BICO) are falling on exchanges as the assets are moved into self-custody.
The native tokens of decentralized finance platform Reef Finance (REEF) and delegated proof of stake blockchain Aelf (ELF) are also among the “biggest 2023 swaps from exchanges to cold wallets,” according to Santiment.
On what it indicates, the crypto analytics says,
“Historically, these kinds of major waves off exchanges are good for future prices.”
Turning to Ethereum-based synthetic assets platform Linear Finance (LINA) and the Ethereum-based virtual reality platform Decentraland (MANA), Santiment says that the number of transactions of the two crypto assets by whales has hit a three-month high.
“Linear and Decentraland have had fairly unassuming price performances in 2023. But they have highlighted an uptick in altcoin whale transactions that are showing on Santiment’s dashboards to start the week.”
The analytics firm also says that the levels of Bitcoin (BTC) discussion on social media platforms, or the social dominance, has fallen to a three-month low as traders get “distracted by other assets.” According to Santiment, the fall in Bitcoin’s social dominance at a time when altcoins are seeing “surges in chats” is an indication of “market greed.”
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