• Crypto analytics platform Santiment is saying that one Ethereum (ETH)-based altcoin, Illuvium (ILV), is showing signs of a potential rally based on on-chain data.
• A $14 million whale transaction occurred early Thursday, which coincides with the token price potentially bottoming out.
• Lido DAO (LDO) has witnessed several large on-chain transactions this year and its supply on exchanges is relatively low for an altcoin.
Under-the-Radar Ethereum-Based Altcoin Flashing Bullish Signal
Crypto analytics platform Santiment is saying that one Ethereum (ETH)-based altcoin is showing signs of a potential rally based on on-chain data. According to Santiment’s director of marketing Brian Quinlivan, the interoperable blockchain game Illuvium (ILV) is flashing a potentially bullish signal amid a sharp rise in on-chain transaction volumes due to a $14 million whale transaction, the largest since July 2022. This could be an indication that the token price has bottomed out.
On-Chain Transactions Skyrocket
Illuvium’s network has seen a significant spike in its on-chain transaction volume as a result of the whale transaction, which is the highest level observed in about 14 months. The token price currently sits below $47 and its supply on exchanges has steadily risen ever since to 14.5%. This could potentially be a bullish signal considering it’s happening during what may be considered to be a bottom area for the price.
Lido DAO Supply On Exchanges Relatively Low
Lido DAO (LDO), another Ethereum liquid staking protocol, has also experienced several large movements across its network throughout 2023 but without causing any significant spikes in its transaction volume. However, while these transactions are occurring regularly, LDO’s supply on exchanges remains low at just under 6%. This could indicate that investors are still holding onto their tokens rather than selling them off immediately after transacting them.
Altcoins Worth Watching Out For
Both Illuvium and Lido DAO appear to be worth watching out for in terms of potential gains or losses over time depending upon how their market prices evolve over time given their current conditions and activity levels across their networks respectively. While there are no guarantees that either will perform well long term, it may be worthwhile keeping an eye out for future developments related to both tokens and seeing how they fare against other coins within the same space or outside of it entirely over time periods ranging from days through months onwards if possible.
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