🔥🔥 Whale Movements Indicate Rising Sell Pressure for Major Altcoins: 😮

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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

News

$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.

Bitcoin’s bullish momentum stabilizes markets, but large whale transfers keep altcoins prone to volatility and short-term retracements.

Data from Santiment’s 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.

🐳 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).

🔍 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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