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The cryptocurrency market was trading neutral on Thursday after a significant drop, as emotions improved and inflation fears frightened global investors. Santiment, a digital asset analytics business, is looking at a number of altcoins to measure crypto’s strength after the global market valuation plunged by 8% in less than a day.
Altcoins to the Rescue?
Shiba Inu (SHIB), Uniswap (UNI), Yearn.Finance (YFI), Aave (AAVE), and Chainlink are among the “blue chips” in the ERC-20 market category, according to a new Santiment Insights research (LINK).
Santiment cites meme coin SHIB as a favorable statistic when measuring crypto inflow into exchanges. People appear to have a lot of faith in their investments. Take, for example, SHIB.
A downward trend in SHIB deposits to exchanges indicates that traders are unconcerned about Shiba falling in value. They will not send tokens to be sold on exchanges.
Santiment also looks at the decentralized exchange (DEX) Uniswap when it comes to exchanges and exchange flows. Three increasing increases could imply that people were looking to profit right before the crash.
The firm only sees one negative indicator from crypto yield optimizer YFI in terms of active deposits. Santiment claims that four of the five altcoins avoided panic sell-offs when it came to network profit and loss.
“It’s interesting to see how similar the picture is here: basically no panic sales except in YFI.”
The fourth sign is the age consumed, which is the period of time since a crypto asset was last moved. Long-term holders don’t appear to be shifting their tokens onto exchanges, according to Santiment, which is a good sign.
There are no major outliers in any of the five tokens.” There were most likely no large old bags moved or sold. On the charts, it appears to be like this.
Finally, the organization investigates what whales with crypto worth between $500,000 and $50 million are doing with their hoards. Only Chainlink, a decentralized price feed service, has a downward tendency.
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