Data shows rapidly increased whale activity in altcoins as Bitcoin slumps

• Whales are actively purchasing altcoins with the likes of MANA, Matic, etc expected to lead an altseason.

• Both Polygon (MATIC) and Fetch.ai (FET) saw increased activities with transaction values of more than $40 million. 

Many experts have predicted what to expect in prices across the crypto market before and after the upcoming Bitcoin halving event next year. Based on historical data, there could be a price consolidation before the event, and a bull run after the mining reward is reduced to half. In response to this, whales have increased their activities on various crypto platforms. According to blockchain analytics firm, Santiment, several altcoins have experienced increased transactions this year with some of them among the biggest of the year.

The tweet advised traders and investors to continuously monitor Decentraland (MANA), DIA, Immutable (IMX), and The Sandbox (SAND). Santiment also disclosed that both Polygon (MATIC) and Fetch.ai (FET) have recorded transaction values of over $40 million on their networks. 

Whales on a buying spree

Recently, WhaleStats estimated that Ethereum whales have been purchasing stablecoins like USDT, USDC, and TUSD. In addition, two different whales purchased 1.2 trillion SHIB tokens on March 20. This was said to be worth  $10.89 million. The first transaction was initiated by a whale with the wallet address ‘Kvothe’. He purchased 899,999,734,985 (899.99 billion) SHIB tokens valued at $9.61 million. Later, BlueWhale0073 also acquired 122,047,578,208 (122.04 billion) tokens worth $1.28 million.

Crypto analyst @ali_charts on Twitter has also disclosed that there has been a buying spree for XRP since the end of February when the asset fell to $0.34. According to him, the combined holding for XRP has grown by 6 percent from 3.79 billion to 4.03 billion XRP.

Over the past month, ~50 whales holding 10 million to 100 million $XRP have joined the #Ripple network.

These large investors have purchased around 420 million #XRP, worth $155.4 million, shows data from @santimentfeed.

In addition to these, whales have been purchasing stETH, wstETH, WBTC, Matic, aUSDT, etc.

Current performance of some altcoins

Matic currently has a bullish sentiment with a trading price of $1.14. In the last 24 hours, the asset has surged by 1.44 percent. Matic has a market cap of $9,963,946,765 and a 24-hour volume of $409,933,149. 

XRP which was recently in a bullish sentiment has become bearish with a current price of $0.384093. The asset has fallen by 4 percent in the last 24 hours and currently has a market cap of $22,047,334,961, and a 24-hour volume of $1,814,936,620. 

Shiba inu is also in a bearish sentiment with a current price of $0.000011. According to data, the meme coin has surged by 0.41 percent in the last 24 hours and has a market cap of $6,344,486,421. Also, its 24-hour volume is $202,275,872. 

Solana, an altcoin that was severely affected by the FTX collapse is currently bearish with a trading price of $21.78. Price data show that the asset has surged by 0.35 percent in the last 24 hours, and has a market cap of $8,381,002,682. Its 24-hour volume is $510,853,480.

While altcoins are largely purchased by whales, Bitcoin is gaining momentum at a current of $28,118.89. With a current sentiment of neutral, Bitcoin has surged by 1.6 percent in the last 24 hours and has recorded a 24-hour volume of $22,894,113,636. 

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