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July 19, 2024
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Whales Shift Their Focus to Small-Cap Altcoins; Should Large-Cap Coins be Worried?

The post Whales Shift Their Focus to Small-Cap Altcoins; Should Large-Cap Coins be Worried? appeared first on Coinpedia Fintech News

The crypto markets are plunging! The Bitcoin price is sliding and may soon drop below $28,000. while the Ethereum price sticks above $1900, manifesting its strength and also its tendency to trigger a fine alt season in the coming days. However, the whales may have sensed the incoming trend and hence have largely shifted their focus onto the other altcoins. 

A popular on-chain analytical platform, Santiment, has recorded some unusual on-chain data that suggests heavy transactions have been carried out with the other altcoins. After the previous upswing, the whales have shifted their focus to tokens like Rocket Pool, which has a market capitalization of nearly $900 million. As per the platform, nearly 70 transactions worth more than $100K occurred as the prices were trading at their local high of $61.89. 

Santiment

Besides, a huge number of transactions were recorded with Phala Network. More than 308.2 million PHA were transferred worth nearly $53 million which is said to be the 3rd largest ever since it began publicly trading in 2020. These tokens were moved to a new non-exchange address which is speculated to be a huge whale. 

Santiment

The whales’ interest in lesser-known altcoins is growing, which is supported by the fact that these coins are leaders in gas fees. Recently, Santiment spotted unusual activity of the whales, according to which some of the platforms recorded the highest gas fees than the leader Ethereum, or Wrapped-ETH, or USDT. Instead, tokens like TROLL, APED, and BOBO were the leaders in Gas fees. 

Therefore, by these fractals, it is pretty clear that there is a shift of focus of the whales from the large-cap token towards the mid & small cap. Now that the Ethereum (ETH) price is largely stable above $1900 despite an acute drop in BTC price, one can expect a strong alt season in the coming days.

However, the possibility of the mid & small cap tokens undergoing a monstrous rally appears to be high than the popular altcoins like Ethereum, Solana, XRP, etc. 

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