Crypto whales have helped put in a major top at all-time highs for an Ethereum (ETH)-based altcoin project, according to blockchain data from insights firm Santiment.
According to Santiment, whales took profit right at all-time highs when Rocketpool (RPL) peaked above $61.
Rocketpool is a liquid staking protocol that allows Ethereum holders to stake their coins without holding the 32 ETH normally required to become a validator.
Santiment says RPL saw the second-highest amount of transactions exceeding $100,000 in the token’s history as it reached all-time highs.
“Rocketpool whales perfectly signaled the top as they took profit just after the asset’s all-time Hhgh at $61.87. The 70 $100,000+ transactions was the second largest behind the 111 RPL transfers made on Nov. 8th, 2021 in the midst of the then all-time high (at) $59.47.”
At time of writing, RPL has cooled off from its all-time high and is currently trading at $46.85.
Santiment also has insight on the recent memecoin craze that saw cryptocurrencies like PEPE, BABYDOGE and others explode last week. According to the analytics firm, the recent surge of keywords such as Pepe, Babydoge and Bobo on social media is suggesting that the crypto markets are poised to take a breather.
“Crypto markets often top and fall when meme keywords begin to spike. And as crypto markets have slipped this past week, we’ve seen words like pepe, babydoge, and bobo trend at high frequencies. These social spikes are reliable market top signals.”
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The post Whales Perfectly Signaled Top for Ethereum-Based Altcoin After All-Time High Surge: Analytics Firm Santiment appeared first on The Daily Hodl.
source https://dailyhodl.com/2023/04/23/whales-perfectly-signaled-top-for-ethereum-based-altcoin-after-all-time-high-surge-analytics-firm-santiment/