These Altcoins See Massive Whale Activity As the Crypto Market Bleeds

The broader cryptocurrency market has entered a sharp correction falling nearly 7% and eroding nearly $70 billion of investors’ wealth over the last 24 hours. Amid this development, some altcoins are showing strong whale activity.

The Bitcoin price has witnessed a steep fall under $20,000 and investors should watch out for crucial support levels going ahead. Some market analysts believe that BTC holds the potential to further correct to $15,000 in case the selling pressure continues.

Apart from Bitcoin, altcoins too have entered a pretty solid correction. Ethereum (ETH) is down by 8.40% and currently trading close to the $1,400 levels. Other altcoins like Polygon (MATIC), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC) have corrected 9-10%.

During such a dip, there have been massive whale moves hunting for altcoins. Three altcoins: Polygon (MATIC), Fantom (FTM), and Aavegotchi (GHST) have seen solid moves recently.

Altcoins With Strong Whale Activity

On Thursday, March 9, a total of 58,885,143 MATIC ($62.1M) transactions were made by whales. However, on-chain data provider Santiment reports that these were “an exchange address moving coins to another exchange address”. thus, there’s no major positive indicator as of here. Santiment reported:

“Usually, this kind of transfer reflects a whale selloff at worst, or a routine move to another exchange address at best”.

Fantom (FTM) has been another altcoin that has seen massive selling pressure this month in March. After a strong start to 2023, the FTM price has corrected by more than 40% over the last month.

Santiment notes: Fantom’s “latest big transaction was a $10.2M move within an exchange. So far, the price has plummeted after this massive funds transfer”.

The lesser-known altcoin Aavegotchi (GHST) has witnessed extreme price swings with whale transactions having a major impact on the price.

Santiment reported: “Today, GHST had an $8.2M single transfer from an exchange address to another exchange address as markets will falling. You can see that there was a series of major on-chain transaction volume right around the top on the 21st through 23rd”.