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These Two Altcoins See Strong Whale Accumulation, ETH Lags Behind

Whale and address activity for some of the top altcoins like Chainlink and Litecoin remain strong with higher accumulation.
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These Two Altcoins See Strong Whale Accumulation, ETH Lags Behind

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.

Courtesy: Santiment

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.

Courtesy: Santiment

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.

Courtesy: Santiment

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

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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