In the ever-evolving world of cryptocurrencies, large altcoin transactions often serve as indicators of potential outliers and significant developments. Recently, Santiment, a leading cryptocurrency analytics platform, identified three key altcoin movements that shed light on activity within their networks. These trades, which included Lido Dao (LDO), Illuvium (ILV), and Holo (HOT), provided valuable insight into market dynamics and potential future trends.
The first altcoin in the focus of whales Lido Dao (LDO): $ 36.4 million transfer
Lido Dao has experienced a number of major moves in its network throughout 2023. It has caught the attention of cryptocurrency enthusiasts. In a recent transaction, as much as $36.4 million was transferred from one individual wallet to another. Surprisingly, this large transfer did not lead to a significant increase in transaction volume. It should be noted, however, that the supply of LDOs on exchanges remains strong, accounting for slightly less than 6 percent of the total supply.
Illuvium (ILV): $14 million transfer
Illuvium, which has been in a rapid decline since its peak above $106 in early February, is now trading below $47. Concerns have been expressed about the increased supply on exchanges, which has risen steadily since the price drop and is now at 14.5 percent. The last $14.0 million transfer between non-exchange addresses triggered a significant increase in on-chain transaction volume, hitting a nearly 14-month high. This development could potentially be seen as a bullish signal, especially given that the transaction took place during a possible price bottom.
Holo (HOT): $12.7 million transfer
Known for its volatile price fluctuations over the past six months, Holo has seen a significant reduction in supply on exchanges. The latest $12.7 million transfer between non-exchange addresses is not unprecedented for the HOT network. However, whale movements of similar size occurred once or twice a month. Interestingly, this particular transaction did not affect supply on exchanges. The consistency of such transfers indicates continued market activity. It highlights the potential importance of Holo as a must-watch altcoin.
As crypto markets continue to evolve, whale movements often provide valuable insight into potential outliers and trends in altcoin networks. Recent transactions, which include Lido Dao, Illuvium and Holo highlighted by Santiment, shed light on ongoing developments in these related networks.
