- ApeCoin, AAVE and Lido Dao have noted a flurry of big whale transactions over the past ninety days.
- Analysts combed through the transactions to identify altcoins with whale accumulation and declining exchange balances.
- AAVE and Lido Dao’s LDO prices have bullish potential based on large wallet investor activity and declining exchange reserves.
Large wallet investors increased their activity in altcoins over the past ninety days. During this time, the “alt season” narrative that stands for capital rotation from Bitcoin to altcoins gained relevance and large wallet investors continued their accumulation of several alternative cryptocurrencies.
Also read: Ethereum Shapella upgrade is successful, debate ensues on whether ETH is a security
ApeCoin, AAVE and Lido Dao note spike in whale activity
Analysts at crypto intelligence tracker Santiment noted a spike in activity of large wallet investors, in several altcoin projects. Monitoring top transactions in altcoins, experts noted a flurry of whale activity over the past three months.
The black bars on the Top Transactions model below indicate the USD amount transferred.
Top Transactions Model
As seen in the chart above, ApeCoin (APE), AAVE and Lido Dao (LDO) in this order recorded relatively high USD volume transferred by whales. In the case of different altcoins whale transactions signify accumulation, transfer of tokens to or off exchanges and so on.
ApeCoin witnessed $27.9 million worth of whale transactions, these constituted of exchange to exchange address transfers. In AAVE, exchange balances declined as tokens were moved off exchanges in transactions worth $21.4 million.
Similarly, in LDO, $15.6 million worth of the token was exchanged between non-exchange addresses by whales, while exchange balances declined. Therefore, in the case of AAVE and LDO, it fuels a bullish thesis.
The bullish case for AAVE and LDO
AAVE recorded the highest transaction volume in five weeks, today, Thursday, April 13. The supply on exchanges declined while whales made their transfers and this is considered a bullish sign for AAVE.
AAVE transaction volume and supply on exchanges
AAVE price yielded 9% gains for holders over the past two weeks and the DeFi token is in an uptrend. Based on the on-chain metric and whale activity, AAVE is poised for further gains. CryptoFaibik, a technical analyst, notes that AAVE is on the verge of breaking out of the upper trendline of a descending parallel channel, this is typically considered bullish for an asset.
A clean break above the upper trendline could send AAVE to its bullish target of $199, according to Faibik’s analysis.
AAVE/USDT 3D price chart
LDO’s supply on exchanges has climbed since Wednesday, however its important to note that the increase is modest and analysts do not consider it a cause for concern. LDO transaction volume hit a four-week high on Wednesday and the token’s price is up 6% since the successful completion of Ethereum’s Shapella upgrade.
LDO supply on exchanges and transaction volume
LDO is one of the Liquid Staking protocol tokens that gained relevance with the “Liquid Staking” narrative ahead of the Shapella upgrade. Analysts evaluated the LDO price chart and commented that Ethereum’s recent uptrend could drive the Liquid Staking protocol’s token higher.
LDO/USDT price chart
CryptoJelleNL, a technical expert, has set a target range of $3.1 to $3.3 for LDO, as seen in the chart above.
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.