- Santiment spotted a $14 million whale transaction on the Illuvium network earlier today.
- The analytics platform also picked up whale activities on Lido DAO and Holo.
- The development is a hint that a major outlier could be in the works for digital asset traders.
Santiment, the market intelligence platform with on-chain and social metrics has picked up a $14 million whale transaction on the Illuvium network earlier today. In a tweet, the analysis platform noted that the transaction occurred at the peak of the Illuvium exchange supply top.
There was a $14 million transaction picked up on the #Illuvium network today, which has occurred right at the peak of its exchange supply top. Our latest insight looks at big whale moves from $ILV, $LDO, and $HOT as #crypto markets fight to stay afloat. https://t.co/SdGAttXdrm pic.twitter.com/LYbmrLc0pu— Santiment (@santimentfeed) May 25, 2023
Santiment’s analysis explained that, apart from Illuvium, Lido DAO, and Holo also experienced significant whale actions. All actions involved high-volume transactions executed on their networks. Santiment described the move as a hint that a major outlier could be in the works for digital asset traders.
Santiment observed that two non-exchange addresses transferred $36.4 million between themselves on Lido DAO. However, the network’s transaction volume did not reflect a significant spike. Santiment indicates this could be due to several other large transactions the Lido network has experienced in 2023. Hence, the recent whale transaction is not an isolated event on Lido DAO.
The $14 million transaction Santiment spotted on Illuvium was also between two non-exchange addresses. This transaction pushed the on-chain transaction volume of the Illuvium (ILV) network to new heights. Santiment’s analysis suggests the development could become a bullish signal. The Santiment analysis considers the current price of ILV as a plausible bottom zone.
ILV traded below $47 at the time of the analysis, after dropping from $106. It achieved that price during a rapid rally earlier in the year.
Santiment also spotted a $12.7 million transaction between non-exchange addresses on the Holo (HOT) network. But the analysis firm notes that the latest transaction has had no significant impact on the HOT price. Santiment observed sizable transactions have been a common occurrence on the HOT network. Perhaps that could be why the influence of the latest transaction does not reflect on the crypto token’s chart.
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