No signs of panic selling at SHIB, UNI, YFI, AAVE and LINK – Ready to hit?
Digital asset analyst Santiment is studying multiple altcoins to gauge the strength of the crypto market after global total capitalization fell 8% in less than a day.
In report New release from Santiment Insights, analyzing the so-called “blue chips” in the ERC-20 market segment: Shiba Inu (SHIB), Uniswap (UNI), Yearn.Finance (YFI), Aave (AAVE) and Chainlink (LINK).
When evaluating the inflows to the exchanges, Santiment highlighted the SHIB-Coin-Mem with a positive metric.
“People seem very confident about how much money they have. Like SHIB. The decline in the number of SHIBs deposited on the stock exchanges shows that traders are not afraid of falling prices. They will not send tokens for sale on exchanges. “
SHIB price (green) and stock exchange inflow (pink) | Source: Santiment
On the subject of exchanges and inflows, Santiment is also looking at the decentralized exchange Uniswap.
“Three peaks could indicate that people want to take profits just before the price collapses. But nothing like that happens after the dump. “
UNI price (green) and stock market entry line (pink) | Source: Santiment
In terms of active deposits, the company only sees one negative indicator from the crypto profit optimization platform YFI.
“There’s nothing to worry about a little. Except YFI ”.
YFI price (green) and active deposit amount (pink) | Source: Santiment
Coming to the network’s profits and losses, Santiment says 4 out of 5 altcoins avoided panic sales.
“It is interesting that the picture here is exactly the same: almost no panic sales except for YFI.”
YFI price (green) and net profit / loss (red) | Source: Santiment
The fourth indicator looks at the time since the asset was last moved, called the consumer age. According to Santiment, this is a good sign that long-term holders are unlikely to get their tokens public.
“All 5 tokens have no significant outliers here. It appears that none of the wealthy owners move or sell coins. It looks like this in the charts. “
AAVE price (green) and usage age (pink) | Source: Santiment
Finally, the company is investigating what whales are doing to their bags with coins between $ 500,000 and $ 50 million. Only the decentralized price feeder Chainlink shows a downward trend.
“Is it still (nothing special) or is it going under (whales sell)? Here we can say that there is only one token whose whale balance decreased on the last day. It’s LINK “.
“We don’t see many signs of panic or sell-out in the ERC-20 tokens analyzed above. People don’t seem to worry about landfills. “
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According to Dailyhodl