A Whale Transaction Signals Big Price Action For EHT-Base Altcoins

February 21, 2023

Santiment, a company that analyzes cryptocurrencies, says that a big whale transaction of Decentraland (MANA) could mean that the price of the Ethereum-based metaverse project will change a lot.

Santiment says that a whale suddenly moved 256.31 million MANA, which is worth about $190,2 million. This is one of the biggest transactions the network has ever seen.

Santiment says that a big transaction like this usually means a big price change is coming.

“Decentraland had one of its largest transactions of all time on its network today, with 256.31 million MANA moved out of a known whale address.

This move was worth $190.2 million. Typically, these massive transactions foreshadow price swings in a new direction.”

At the time of writing, MANA is worth $0.70.

Santiment also says that a whale just moved $106 million worth of Chainlink (LINK), which is the most LINK that has been moved in the last eight months.

The whale trade happened right before LINK hit $8.34, which was its highest price since the FTX crash. At the time of writing, LINK has gone back up to $7.70.

“Chainlink’s largest transaction in eight months occurred 12 hours ago. $106 million in LINK moved to a new whale address, the largest move since June. This transfer was four hours before the price topped out at $8.34, the highest since the FTX collapse.”

Santiment says that the crypto markets as a whole look healthy, with some projects’ market caps going up by 20% in just the last week. This is happening as Bitcoin (BTC) is getting close to breaking through the psychologically important price level of $25,000.

“The crypto markets continue showing impressive returns, with a large handful of projects that have added back 20% or more to their market caps in the past week. Bitcoin continues to tease the $25,000 range, allowing altcoins to continue pumping right and left.”