In-chain market analytics firm Santiment reveals that crypto whales may be behind the latest rally of an altcoin, following Bitcoin’s major correction.
Watch out for this altcoin
Santiment says in a new tweet that SushiSwap (SUSHI) has performed well despite Bitcoin’s recent corrective move, while whales swallow the decentralized finance (DeFi) asset.
“SUSHI made one of the most beautiful leaps after the short BTC drop below $ 30,000. Why is that? Whales, of course. The amount of SushiSwap addresses with at least 100,000 tokens has grown at an unprecedented rate, and prices generally follow the largest holders. “
SushiSwap (SUSHI) is a decentralized exchange that allows users to trade crypto assets. The automated market maker is managed by SUSHI, a token distributed to liquidity providers on SushiSwap. SUSHI grants its owners management rights while allowing them to add the money to the protocol to win prizes.
According to CoinGecko, the asset is trading at $ 7.15 at the time of writing, increasing approximately 225% in 30 days.
Santiment says that other altcoins were appreciated after the collapse of Bitcoin. Some of these projects are the derivative liquidity protocol Synthetix (SNX) with Ethereum.
Other tokens returning, according to Santiment, include DeFi payoff aggregator Yearn.finance (YFI), automated market maker Uniswap (UNI), crypto lending and borrowing protocol Compound (COMP), and decentralized exchange Bancor (BNT).
Santiment adds that the number of Ethereum whales has increased after the leading smart contract platform printed an all-time high.
“Do you think Ethereum whales made a profit after ETH’s first ATH in 3 years? Just before the date was written, there were 1,211 addresses on Saturday with 10,000 ETH addresses. This number has now increased to 1,225. “