Analytics firm Santiment tracks three altcoins gobbled up by whales as crypto markets sizzle in an early summer rally.
According to a Santiment Publishcrypto investors who spend more than $100,000 per trade load up on the popular token Dogecoin (DOGE), with 106 such transactions completed on July 18 alone.
The company also highlights the Polygon layer 2 scaling solution (MATIC) and decentralized crypto exchange Uniswap (United) as high on the whale shopping list.
“With many altcoins enjoying a strong rebound in market capitalization in July, we can see that the amount of whale trades worth over $100,000 are starting to increase.
DOGE, MATIC and UNI are seeing a noticeable increase in these large transactions on their networks.
In July, Dogecoin was up 9.3% from $0.064 to $0.070, Polygon was up 72.9% from $0.48 to $0.83, and Uniswap jumped 41, 8% from $4.87 to a valuation of $6.91 at the time of writing.
Regarding the largest crypto asset by market capitalization Bitcoin (BTC), Santiment at the beginning of the week Noted that whale buying activity above the $1 million mark had also increased.
The Analysis Society said Market jitters give way to optimism as Bitcoin investors seem eager to rush in and avoid fear of running out (FOMO).
“Traders are changing their tune and feeling a long-term breakout after Bitcoin dominating on Tuesday.
With the #1 market cap asset in crypto surging, the ratio of BTC longs to shorts is at its highest level since early May.
Monitor FOMO.
Bitcoin has rebounded nicely this month, starting at $19,431 and rising 19.6% to $23,252 at the time of writing.
Saniment concludes its survey of the crypto landscape by providing an update on the projects that have seen the most activity on the GitHub development site over the past 30 days.
Back at the top is the Cardano scalable smart contract platform (ADA), followed by the Polkadot Cross-Chain Interoperability Protocol (POINT) and its Kusama canary testnet (KSM).
Rounding out the top five for development activity is Ethereum (ETH) and the Internet of Things Connector and IOTA Distributed Ledger (MIOTA).
“ADA, DOT, KSM, ETH and MIOTA are conducting development activities here in July.
Measuring GitHub activity goes beyond just the amount of submissions. We measure via code pushes, issue interactions, and more.
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