New data from market intelligence firm Santiment shows that an altcoin that has made huge gains this year is rife with whale activity.
In a new thread on the social media platform X, Santiment say that among altcoins with a market capitalization of at least $500 million, the tokenized artificial intelligence (AI) project Virtuals (VIRTUAL) – an asset that is up as much as 20,000% so far this year – is one of the leaders in whale activity.
Santiment also says wealthy investors are moving to accumulate 10 digital assets, including VIRTUAL, during the latest crypto market crash.
“Despite significant crypto corrections this week, several altcoins are making very large whale transfers indicative of potential dip buying.”
Other notable altcoins on the list include stablecoin issuer Usual (USUAL) and its stablecoin Usual USD (USD0), decentralized gambling platform Gnosis (GNO), decentralized finance project (DeFi) Aave (AAVE), as well as meme asset Floki (FLOKI) .
VIRTUAL is trading at $2.74 at the time of writing, a gain of almost 20% on the day. On December 16, it peaked at $3.34, while a year ago it was trading around $0.013.
Moving on to the most important crypto asset by market cap: Santiment say that Bitcoin’s (BTC) latest drop below $100,000 has led to a “buy the dip” mentality among investors.
“With Bitcoin falling as low as $95,500 today, the percentage of crypto discussions involving purchasing cryptocurrencies has reached the highest level in more than eight months. The last time we saw the public nearly this enthusiastic about buying dips was during the big crash on August 4. Since that time, Bitcoin’s market cap is +81% higher.”
Bitcoin is trading at $97,006 at the time of writing, down fractionally over the past 24 hours.
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Featured image: Shutterstock/wacomka/Andy Chipus