The crypto market has significantly declined, particularly in the last seven days, and altcoins are seeing a blood bath. Crypto assets like Bitcoin, Ethereum, Binance coin, and more are trading in the red zone. In the meantime, it’s impossible to tell when the next significant reversal will occur.
But amid the bearish crypto market, a few altcoins have been experiencing significant whale activity, signifying that large investors transact with the tokens.
Some Altcoins See Whale Activity
According to data from Santiment, some altcoins, including Fantom (FTM), Polygon (MATIC), and Aavegotchi (GHST), have seen massive whale activity over the past 24 hours. Despite the ongoing market downturn, these large investors have transacted with vast amounts of these altcoins.
However, the on-chain data provider noted that the activity was mainly the transfer of these tokens from one exchange address to another. These altcoins have notably displayed some significant corrections over the last few days.
In the case of Fantom, there has been significant selling pressure, which negates its positive price movements in the first period of 2023. In the last 4 weeks, Fantom has seen a significant correction of over 40%.
According to the Santiment report, the most recent transaction of the coin amounted to approximately $10.2 million. The considerable selloff resulted in a rapid decline in its price.
Aavegotchi, a non-popular token, also saw some trading activity from the whales. This is evident from the $8.2 million transfer in one transaction amid the falling market.
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Author: Savannah Fortis
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