Whale Transaction Count Has Spiked For These Altcoins Recently

In a new post on X, the on-chain analytics firm Santiment has discussed the Whale Transaction Count trend for three altcoins.

Three altcoins have observed a high transaction activity from the whales after the US Federal Reserve (Fed) announced a rate cut, as shown by on-chain data.

Whale Transaction Count Spiked For These Altcoins Recently

A recent post on X by on-chain analytics firm Santiment discusses the trend in the Whale Transaction Count for three altcoins. The “Whale Transaction Count” in this context refers to an indicator that tracks the total number of transactions on a cryptocurrency network that involve an amount of over $100,000. Since transfers of this scale are usually associated with whales, the indicator's value can provide insight into the current activity of this cohort.

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A high value of the indicator implies that the whales are currently making a large number of moves. This trend suggests that these humongous holders have an active interest in trading the coin. In contrast, a low value of the indicator suggests that this group may not be paying too much attention to the asset at the moment.

Now, here is a chart that shows the trend in the Whale Transaction Count for three altcoins, Immutable X (IMX), Fantom (FTM), and Basic Attention Token (BAT), over the last few weeks.

As the above graph shows, all of these altcoins have experienced large spikes in their Whale Transaction Count over the last couple of days. This suggests that the whales have suddenly become very active on these networks. The timing of the spikes suggests that this activity is likely linked to the interest rate cut announced by the Fed. While the high values indicate a surge in trading interest from the whales, the Whale Transaction Count alone cannot tell us exactly what kind of trades these humongous investors are making.

Both buying and selling transactions appear the same from the perspective of the indicator and thus carry the same weight in its count. However, the surrounding price action can provide hints about whether accumulation or distribution is dominant.

Since Bitcoin and the altcoins as a whole, including Immutable X and company, have surged following the Fed announcement, the increased whale activity could be related to buying.

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Of course, any further spikes in whale activity aren't necessarily bullish, but Santiment notes that if Bitcoin and others continue to grow, then these altcoins can also benefit from a high Whale Transaction Count.

IMX Price

IMMX recently continued its latest bullish push with another surge of nearly 10%, bringing its price to $1.58. The below chart shows how IMX has performed recently.