- 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.
Also read: Justin Sun’s TRON scooped up by whales as TRX prepares to catch up with rising TVL
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin whales could prevent BTC price first monthly loss of 2023 through this move
Bitcoin price is inching towards the first monthly loss of 2023. At press time, BTC price is 4.4% below $29,233, its price on May 1. If BTC fails to regain lost ground, the asset is in for its first monthly loss of the year.
Cardano price rallies with surge in DEX volume and new meme coin launch
Cardano-based decentralized exchange Minswap registered a large spike in transaction volume since the beginning of May. Between May 1 and 30, transaction volume surged from $10 million to $72 million.
Shiba Inu eyes recovery as holders pull more than 44 trillion tokens off exchanges
The reserve of Shiba Inu tokens across cryptocurrency exchange platforms has consistently declined between March and May. SHIB holders have pulled 44.53 trillion tokens off exchanges.
XRP likely set for price rally as network activity heats up
XRP Ledger’s native token XRP registered an increase in address activity on Monday, when more than 490,000 addresses interacted on the network, signaling an impending price rally.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.