These three altcoins see sudden attention from whales, what to expect
- Altcoins Injective, Render and Polygon observe whale transfers to cold wallets, resulting in price anomalies.
- Santiment analysts consider price anomalies as reliable short-and long-term signals.
- INJ, RNDR and POL note slight gains on Tuesday.
Altcoins like Injective (INJ), Render (RNDR) and Polygon (POL) are among several assets that observed changes in whale entity behavior. Data from the crypto intelligence tracker shows that large wallet investors moved their altcoin holdings to cold wallets, likely a signal of upcoming shift in asset prices.
Whales move their altcoin holdings off exchanges
Santiment data show that among altcoins that noted shifts in whale activities, Injective, Render and Polygon were moved to cold wallets. Large wallet investors moving their holdings to cold wallets meansoffline storage or off exchange platforms. This reduces the selling pressure on the asset as it contributes to drop in the supply held on exchanges.
The whale activities contributed to price anomalies, and analysts at Santiment believe these serve as short- and long-term signals for the assets.
In the case of INJ, whales transferred a majority of their holdings off exchanges, and to cold wallets in August 2023, since then they have gradually moved more.
Polygon transitioned from MATIC to POL and a major move by whales was observed on September 9, 2024. RNDR whales moved their coins to cold wallets on July 21, 2024 and their holdings on exchange platforms are relatively flat since then.
Altcoins note whale wallet activity
INJ, RNDR and POL jumped nearly 2% on Tuesday. The three altcoins could extend their gains if the selling pressure on these assets reduces and demand stays the same. Whale activity is typically considered a precursor of price change.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
