The firm Santiment, engaged in the analysis of cryptocurrencies, found that whales on the market, that is, investors with a large number of altcoins in their wallets, store 7 coins, including Axie Infinity (AXS). Here are the details…
Santiment indicates the purchase of AXS whales
In his tweet, Santiment lists seven cryptocurrencies in the top 100 by market capitalization, whose activity has increased by more than 100 percent. Santiment reveals the altcoins in question using the following statements in a recent post:
The top 100 cryptocurrencies by market capitalization continue to make huge deals. As usual, assets traded at least twice the traded amount of $100,000 include: Litecoin (LTC), Axie Infinity (AXS), Maker DAO (MKR), Chiliz (CHZ), Compound Finance (COMP), TrueUSD (TUSD) and Synthetix Network. Token (SNX).
According to Somanews, AXS is a management token for the blockchain—based game Axie Infinity. CHZ is an Ethereum—based token that supports Socios.com , a platform for interacting with sports fans supported by Chiliz. COMP and MKR are tokens for managing the decentralized finance (DeFi) platforms Compound Finance and Maker, respectively. TUSD is a stable coin pegged to the dollar, and SNX is a service token of the decentralized synthetic asset creation protocol Synthetix.
Warning for AAVE
Santiment also warns that although the DeFi Aave (AAVE) platform is showing increasing network activity and rising prices, red flags are flashing. According to Santiment, the ratio of AAVE’s market value to realized value (MVRV) over the past 30 days is excessive, and this could trigger a sell-off. Sentiment indicates that this situation may be related to the tendency of short-term investors to profit, indicating that the price may be at risk of falling.
Sanantiment also says that the activity of AAVE whales is growing rapidly, and historically this has tended to precede price declines. “The number of whale transactions appears to be growing at the peak of prices, this is what the historical performance on the chart above shows,” the firm said in a statement. It is also believed that spikes that may occur later may mark local peaks. AAVE changes hands at a price of $241, which is 8% more at the time of writing.
