• Whales have shifted their focus to small cap altcoins, which could lead to a low-cap altcoin rally soon.
• Santiment recorded unusual on-chain data of heavy transactions with other altcoins like Rocket Pool and Phala Network.
• The whales’ interest in lesser-known altcoins is growing, as they are now leading in gas fees over Ethereum.
Whales Shifting Focus to Small-Cap Altcoins
The crypto markets are plunging! Bitcoin price is sliding and may soon drop below $28,000 while Ethereum price is sticking above $1900. Whales have sensed the incoming trend and hence have largely shifted their focus onto the other altcoins. A popular on-chain analytical platform Santiment has recorded some unusual on-chain data that suggests heavy transactions have been carried out with the other altcoins. After the previous upswing, whales have shifted their focus to tokens like Rocket Pool, which has a market capitalization of nearly $900 million. Transactions worth more than $100K occurred as the prices were trading at their local high of $61.89 and more than 308.2 million PHA were transferred worth nearly $53 million which is said to be the 3rd largest ever since it began publicly trading in 2020.
Increasing Interest in Lesser Known Altcoins
Whales’ interest in lesser known altcoins is growing rapidly as these coins are leaders in gas fees compared to Ethereum or Wrapped-ETH or USDT. Tokens like TROLL, APED, and BOBO were leading in Gas fees according to Santiment’s analysis. Therefore, by these fractals there is a clear shift of focus from large-cap tokens towards mid & small cap ones by whales.
Speculations for Low Cap Altcoin Rally
Heavy transactions with small cap altcoins leads us to speculate that there might be a low-cap altcoin rally very soon due to whale accumulation activity attracting traders away from top cryptos into smaller ones while markets continue to bleed red due to bearish sentiment across all assets including cryptos currently prevailing over cryptocurrency market right now..