Analytics Firm Issues Warning for 6 Altcoins: “Whales May Be on the Move”

Cryptocurrency Whales Transferring Altcoins to Centralized Exchanges

Santiment, a cryptocurrency analysis firm, recently reported an increase in whale transfers to centralized crypto exchanges for certain altcoins.

Altcoins Transferred by Whales:

According to Santiment's Centralized Exchanges Deposit Transactions Panel, the altcoins with the highest whale transfers to centralized exchanges include:

• Eigenlayer: $2.8 million
• Ethena: $2.5 million
• Worldcoin: $2 million
• Wrapped Bitcoin: $4.8 million
• Pepe: $3 million
• Chainlink: $1.8 million

While these transfers may appear small compared to the overall market value of the tokens, they are significant due to their volume and concentration within a short timeframe.

Potential Implications:

Santiment suggests that large transfers of altcoin supply to exchanges may indicate whales preparing to sell their holdings. Analysts caution that while Bitcoin's current rally may temporarily mitigate the impact on these altcoins, there remains a potential risk of a pullback in the short term.

Note: This information does not constitute investment advice.