Altcoins like Litecoin and Chainlink Show Strong Whale Activity

The world’s largest cryptocurrency Bitcoin (BTC) has seen some selling pressure recently moving closer to $19,000. On the other hand, a few altcoins have been showing good momentum with strong whale accumulation and address activity.

Oracle service provider Chainlink has been on the radar of big investors who have been accumulating the altcoin throughout the bear market of 2022. The LINK price has been oscillating in the price range between $6-$8 which is seen as a major accumulation zone. As per on-chain data provider Santiment,

Chainlink’s shark & whale addresses (holding 10k to 1m $LINK) have been busy accumulating during the 2022 bear market. Since March 3rd, these addresses have added 47.31M LINK to their wallets, collectively. This translates to $312.7M more invested.

Also, Chainlink’s social dominance has spiked recently showing that more and more traders are getting active in the crypto. One more altcoin seeing high whale activity over the last week is Litecoin. The Santiment report notes:

Litecoin has been quietly under the radar in 2022, but address activity & whale transactions have exploded this week. Particularly with $1m+ valued transactions on the network, the timing of these spikes happened just as $LTC began rising vs. $BTC.

ETH Address Activity on A Decline

The world’s second-largest cryptocurrency Ethereum (ETH) has been facing strong selling pressure after the Merge event. As of press time, ETH is trading at $1,238 with a market cap of $157 billion. Data from Santiment shows that Ethereum’s address activity has dropped to the lowest since June 2022. It noted:

Ethereum’s active addresses have sunk to 4-month lows with weak hands continuing to drop post-#merge, and disinterest at a high as prices have stagnated. Monday was the first day that there were less than 400k addresses on the network since June 26th.

However, the broader altcoin market is also facing selling pressure with short positions opening up significantly over the last week.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.