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What happened? Analysts at Santiment have discovered three altcoins that large holders are actively selling during the fall of the cryptocurrency market. Dangerous coins, judging by the actions of the wallets of institutional investors, were Cardano (ADA), Yearn finance (YFI) and Dogecoin (DOGE).
Santiment Research
ADA. First on the list was the native blockchain token Cardano, ranked 8th in the ranking of cryptocurrencies by market capitalization ($17 billion), according to CoinGecko. The wallets of large holders (from 10,000 to 1 million ADA) contain 27.3% of the total supply of tokens. Three months ago, they owned 30.5%.
As of June 24, 16:40 Gmt, ADA is trading at $ 0.5, adding 7.61% per day to the price, according to the crypto exchange Binance.
YFI. Holders of tokens of the Yearn Finance DeFi project, whose addresses contain from 1,000 to 10,000 YFI, have in total reduced the number of their assets by 6.5% over the past six months. Analysts note that the behavior of large investors usually correlates with the dynamics of asset prices.
YFI is trading at $ 6.75, for the day the cost increased by 32.07%.
DOGE. According to Santiment experts, regarding the Dogecoin meme cryptocurrency, there is no activity from institutional investors when the coin is not in the bullish growth phase. Analysts add that the last peak of such a phase was 7 months ago. The indicator of holders from 1 to 10 million DOGE has remained unchanged since March, when a massive sale of the altcoin was recorded.
DOGE is trading at $0.067, the value of the asset rose by 5.98% per day.
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