๐ฅ๐ฅ Whale Movements Indicate Rising Sell Pressure for Major Altcoins: ๐ฎ
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Whale Movements Indicate Rising Sell Pressure for Major Altcoins
Antonella Martin
published: December 4, 2024 at 02:15 AM GST
updated: December 4, 2024 at 03:19 AM
Whales Rush to Altcoin to Capitalize on BLACKFRIDAY150 Deal While BNB Stabilizes and TRON Eyes $1 Milestone
2 mins read
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$17M in altcoin transfers to exchanges signals potential sell pressure, with Wrapped Bitcoin leading at $4.8M.
Chainlink surged 21.93% to $22.88 despite altcoins like Pepe and Worldcoin dropping 10.45% and 7.04%, respectively.
Bitcoinโs bullish momentum stabilizes markets, but large whale transfers keep altcoins prone to volatility and short-term retracements.
Data from Santimentโs Centralized Exchange Deposits Dashboard highlights a significant shift in the cryptocurrency landscape. Recent activity reveals major altcoin transfers to centralized exchanges, indicating potential sell pressure from large holders, commonly referred to as whales.
๐ณ According to the @santimentfeed Centralized Exchange Deposits Dashboard, some of the largest trasnfers of altcoins include Eigenlayer ($2.8M), Ethena ($2.5M), Worldcoin ($2.0M), Wrapped Bitcoin ($4.8M), Pepe ($3.0M), and Chainlink ($1.8M).
๐ Impact on Altcoin Prices
Moreover, as these transfers unfold, several affected altcoins are already experiencing noticeable price shifts. Eigenlayer has dropped 4.96% in the past 24 hours, trading at $3.67 with a trading volume of $226 million. Ethena has also declined, down 2.36%, now priced at $0.803, with $550 million in trading volume.
However, Worldcoin has faced a steeper decline, losing 7.04% to trade at $3.14, with $860 million in volume. Meanwhile, Pepe has dropped the most, falling 10.45% to $0.000020. In contrast, Chainlink has defied the broader trend, surging 21.93% to $22.88 with an impressive $7.3 billion in trading volume.
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