According to analytics platform Santiment, three altcoins have seen a significant spike in whale activity recently. This surge comes in the wake of the Federal Reserve’s decision to lower interest rates, encouraging investments in riskier assets. Among the tokens experiencing this surge, Fantom (FTM) and Immutable X (IMX) stand out, signaling a possible accumulation phase for these cryptocurrencies.
Santiment: Whale Transactions Increase for 3 Altcoins
Data from Santiment shows that Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) have recorded a notable rise in transactions over $100,000. The Fed’s unexpected rate cut appears to have coincided with a rise in whale behavior, suggesting increased interest in these altcoins from institutional investors and large holders.
- Fantom (FTM) has seen a sharp spike in whale transactions, represented by red peaks on the charts, indicating growing institutional interest.
- Immutable X (IMX) also experienced a significant rise, with sudden yellow surges suggesting whale accumulation.
- Basic Attention Token (BAT), while showing a smaller increase, still benefited from this trend.
🐳 Fantom, Immutable X, and Basic Attention Token all have had major spikes in whale activity over the past day and a half following the Fed’s interest rate cuts.
This suggests that these altcoins can thrive, with the assumption Bitcoin and crypto markets continue their growth. pic.twitter.com/Q7onpxdVPI
— Santiment (@santimentfeed) September 20, 2024
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Macroeconomic Factors Drive Whale Activity
The surge in whale activity for FTM and IMX seems to be a direct response to the changing macroeconomic landscape. Lower interest rates create a more favorable borrowing environment, increasing market liquidity. This shift is likely prompting whales to reassess their positions in altcoins like FTM and IMX. According to Santiment, if Bitcoin and the broader crypto market continue to grow, these altcoins are well-positioned for potential success.
Whale Activity and Future Price Movements While increased whale activity does not guarantee future price gains, it often serves as a signal of investor sentiment. Fantom is currently testing key price levels, and if market conditions remain favorable, the rise in large transactions could indicate upcoming price action. Immutable X, known for its focus on scaling NFTs, may also benefit from renewed investor confidence in the NFT sector, with whale transactions reflecting positive sentiment towards its role in the evolving digital asset market.
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