"Whales Dump Six Altcoins: Crypto Market's Hidden Storm"
1min read The crypto market has shown signs of recovery, with Bitcoin's price climbing back to $105K and the overall market experiencing a 2% rise. However, a leading on-chain market intelligence platform has identified six altcoins that could be at risk of a significant price drop, as whales begin to offload these coins.
According to data from Santiment, over the last 24 hours, these six major altcoins have been moved to various crypto exchanges in large amounts, with a market cap range from almost $800 million to above $5 billion. The transfers could indicate that investors are preparing to sell, trade, or reposition their holdings. Here's a breakdown of the most notable moves:
- Worldcoin (WLD): 0.21% of its total supply was sent to Bybit.
- Staked Ethereum (stETH): 0.20% of its supply was transferred to Bybit.
- Mantra (OM): 0.20% of its supply moved to Binance.
- Reserve Rights (RSR): 0.14% of its supply was sent to Binance.
- Maker (MKR): 0.12% of its supply was transferred to Coinbase.
- Movement (MOVE): 0.08% of its supply moved to KuCoin.
An increase in exchange deposits often signals that investors are preparing to sell, which can lead to a drop in prices due to higher supply in the market.
Despite the recent market downturn, some of these altcoins have managed to buck the trend, posting gains of 10% to 30% over the past week. Leading the pack is Mantra (OM), which has surged by an impressive 32% in just seven days, with a market cap of $5 billion. However, this sharp rise has sparked concerns that large holders of these tokens might start offloading their holdings to lock in profits.
While these transfers don't guarantee immediate price changes, they do highlight the ongoing activity in the crypto market, even during quieter periods. Investors should pay close attention to these altcoins and consider the potential risks associated with holding them.
