- Crypto whales have accumulated USDT, USDC, 1inch, and GLM
- The data aggregation and blockchain monitoring platform, Santiment, was one of the first to notice and draw attention to this new development.
- They detailed how there is now a spike in $100,000+ transactions on several cryptocurrencies and stablecoins.
Following last week’s crypto volatility and the massive price increase across several cryptocurrencies that came with it, several interesting developments have come up.
One of these developments is the crypto whales’ sudden interest in the stablecoins USDT and USDC, as well as the native cryptocurrency of the Defi/DEX aggregator, 1Inch, along with the Golem network’s crypto, GLM.
Whale activity on these stablecoins and cryptocurrencies (plus several others) has spiked this week, leading to questions about why the whales suddenly developed an interest in them.
Crypto Whales Accumulate Stablecoins
The data aggregation and blockchain monitoring platform, Santiment, was one of the first to notice and draw attention to this new development.
In a tweet, the analysis platform speculated that the whales have suddenly become busy this week, probably due to last week’s volatility.
🐳⬆️ Whales have been busy Monday following the weekend volatility. Perhaps most significant of the assets seeing increased $100k+ whale transactions are #Tether and #USDCoin. With large buying power moving, major market movement should continue. https://t.co/17NURw1OmT pic.twitter.com/wvEi7Jde8l
— Santiment (@santimentfeed) October 31, 2022
They detailed how there is now a spike in $100,000+ transactions on several cryptocurrencies and stablecoins, the most notable of which are Tether USD (USDT), USD Coin (USDC), 1Inch, and Golem Coin (GLM).
The data aggregation platform also adds that with the large buying power from the whales, the major market movement “should continue.”
At this point, it might be helpful to look at the charts and see what these stablecoins and cryptos are doing and how probable they are to experience price spikes in the coming days/weeks.
Tether USD (USDT) Dominance
The dominance of certain stablecoins is one of the crypto market’s oldest and most analyzed metrics. The dominance of a stablecoin measures the market cap of that stablecoin relative to the market cap of the rest of the crypto market.
This case shows how much money has been taken from bitcoin and altcoins in general and stored as USDT.
If the dominance of USDT goes up, it means that investors are starting to pull money out of the crypto market and are now storing it as stablecoins. Conversely, if the USDT dominance goes down, it means that investors are now starting to pull money out of the stablecoin and are now investing in cryptocurrencies.
As illustrated above, the dominance of USDT hit a bottom of around 5.6% between August and September and has been in an ascending channel ever since. This rise in USDT dominance means that more investors are starting to liquidate part of their crypto holdings and are now converting to USDT.
The USDT dominance is currently testing the lower support of the ascending channel around 7% and may either break to the downside (causing a spike in crypto prices) or bounce further to the upside.
USD Coin (USDC) Dominance
Unlike the USDT dominance chart in an ascending channel, the percentage action of the USDC chart is in a descending channel.
However, both of these dominance charts have something in common: They are both at the bottom support of their formations and have a real possibility of bouncing to the upside.
Following the recent interest of the whales in the USDC stablecoin, the possibility of a bounce to the upside happening, instead of a breakdown of the lower support, is starting to look like a real possibility.
1Inch in the Charts
A descending triangle appears to have formed on the 1Inch chart. After the short-term bullish momentum last week, the cryptocurrency bounced from its $0.53 support and has now started to trend upwards for a retest of the upper resistance of its descending triangle.
1Inch is expected to test the upper support of the descending triangle this week and may need an extra push from the bulls to break through. However, if the cryptocurrency fails to break this zone, 1Inch is expected to reverse for a retest of the $0.53 zone before another attempt at a bullish breakout from the triangle.
If 1Inch breaks out of this formation, the next target level would be the $0.95 – $1 zone.
Golem (GLM) Crypto Price Analysis
Golem currently has a value of $0.2786 after rising in price by 1.47% over the previous day and at the time of writing. While the token’s market capitalization increased over the same period, the price shift coincides with volume rising by 15% to 13 million dollars over the last day. The market cap of the cryptocurrency is currently $278,965,373.87.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.
Image and article originally from voiceofcrypto.online. Read the original article here.