Whales turn their attention to Lido DAO, Illuvium and Holo as crypto market begins recovery
- Large wallet investors made major altcoin transactions in Lido DAO, Illuvium and Holo.
- Whale activity is considered a hint of upcoming volatility in the asset’s price.
- With LDO supply on exchanges just under 6%, the token is likely positioned for a price rally.
Crypto experts at Santiment observed a rise in large volume transactions across altcoins Lido DAO (LDO), Illuvium (ILV) and Holo (HOT). Typically, sudden whale moves on an asset’s network are indicative of outliers or upcoming volatility in crypto prices.
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Whale activity in LDO, ILV and HOT signals incoming volatility
Brian Quinlivan, marketing specialist and crypto analyst at Santiment observed major altcoin transactions as crypto markets begin their recovery. Market participants are currently awaiting the US PCE release on Friday, Bitcoin, Ethereum and large market capitalization asset started their recovery on Thursday.
Three major altcoins that noted a spike in whale activity are LDO, ILV and HOT. Lido Dao noted several large value transfers on its network throughout 2023. Some of the value transfers can be attributed to movements among self custody LDO wallets.
Lido DAO transaction volume and supply on exchanges
Interestingly, the supply on exchanges, a key metric for LDO, is just under 6%, a relatively strong number for an altcoin. While the supply is below 6%, it implies a relatively low selling pressure on the asset.
ILV, an ERC20 token on the Ethereum blockchain, noted a huge ascent above $106 in February 2023. Since then the asset’s price nosedived below $47 and the exchange supply steadily increased to hit 14.5% in May.
ILV transaction volume and supply on exchanges
Santiment’s experts consider the current price as a plausible bottom for ILV. The token is likely geared towards a recovery in its price.
Similar to Illuvium, Holo observed large transfers on its network, with whale activity once or twice every month.
HOLO transaction volume and supply on exchanges
The recent spike in whale activity however had no significant impact on the supply of HOT across exchanges.
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.
