Research Firm Tracks Big Whale Moves for Polygon, Fantom and One Ethereum-Based Altcoin as Markets Cling for Life
Blockchain analytics firm Santiment has spotted huge whale transactions for Polygon (MATIC), Fantom (FTM) and an Ethereum (ETH)-based altcoin as crypto markets continue to see red.
In a new blog post, Santiment reports that a polygon whale moved its MATIC stack worth $62.1 million from one crypto exchange address to another exchange wallet.
The firm warns that the transaction could be a sign that a whale is getting ready to sell, but could also be a routine shuffling of tokens on an exchange.
“MATIC is the most notable asset on the list, after a transaction of 58,885,143 MATIC ($62.1 million) was made today. Unfortunately, this appears to have been an exchange address moving coins to another exchange address, which generally does not indicate any positive price movement. But it is possible. Usually this type of transfer reflects a whale sale at worst, or a routine move to another exchange address at best.”
At the time of writing, MATIC, the crypto market’s largest Ethereum scaling solution, is trading at $1.05.
Santiment also has Ethereum rival Fantom (FTM) on its radar. The firm says FTM’s recent bearish price action may be linked to a recent whale transaction worth over $10 million.
“Fantom has taken a lot of beating in March. And the last big transaction was a $10.2 million move in an exchange. So far, the price has fallen after this massive money transfer. But it will take some time before people just assume that this was a big sale, and not just a simple transfer to a new wallet.”
At the time of writing, FTM is trading at $0.329, down 37% in the last month and 90% from its all-time high.
Finally, Santiment says whales were recently on the move for Aavegotchi (GHST), a crypto collector project built on Ethereum. The research firm says a recent whale transaction could signal the end of GHST’s downtrend.
“With Aavegotchi being the 331st ranked market cap, it tends to see a lot of extreme swings, with whale transactions having a huge impact on the price. Today GHST had a single transfer of $8.2 million from one exchange address to another exchange address as markets [fall]. You can see that there was a series of large transaction volumes in the chain right around the top on the 21st through the 23rd. And this spike is the first side. Perhaps it indicates that a bottom may be near?”
At the time of writing, GHST is trading at $1.13.
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