New data from market intelligence firm Santiment reveals one altcoin that has seen massive gains this year is rife with whale activity.
In a new thread on the social media platform X, Santiment says that among altcoins with at least a $500 million market cap, tokenized artificial intelligence (AI) project Virtuals (VIRTUAL) – an asset that’s up a staggering 20,000% year-to-date – is one of the leaders in terms of whale activity.
Santiment also says high-net-worth investors are making moves to accumulate 10 digital assets including VIRTUAL during the latest crypto market crash.
“Despite sizable crypto corrections this week, several altcoins are making very large whale transfers that are indicative of potential dip buys.”
Other notable altcoins on the list include stablecoin issuer Usual (USUAL) and its stablecoin Usual USD (USD0), decentralized betting platform Gnosis (GNO), decentralized finance (DeFi) project Aave (AAVE), as well as meme asset Floki (FLOKI).
VIRTUAL is trading for $2.74 at time of writing, a nearly 20% gain on the day. On December 16th, it peaked at $3.34 while a year ago, it was moving for around $0.013.
Moving on to the top crypto asset by market cap, Santiment says that Bitcoin’s (BTC) latest drop to under $100,000 has caused a “buy the dip” mentality among investors.
“With Bitcoin falling as low as $95,500 today, the ratio of crypto discussions that are about buying crypto’s dip has reached its highest level in over eight months. The last time we saw the crowd nearly this enthusiastic about dip buying was the major crash on August 4th. Since that time, Bitcoin’s market cap is +81% higher.”
Bitcoin is trading for $97,006 at time of writing, a fractional decrease during the last 24 hours.
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Featured Image: Shutterstock/wacomka/Andy Chipus
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