Number of XRP Whales at All-Time High, Ethereum Whales at Threshold Not Seen Since 2017 – What’s Happening? Here’s What Analysts Say
Cryptocurrency analysis firm Santiment released a compelling analysis of market dynamics in its latest report. Warnings range from Ethereum whales to the memecoin craze, from XRP volatility to signals of altcoin season.
According to data from Santiment, large wallets holding more than 10,000 ETH hold 75.74% of the Ethereum supply, the highest level since May 2017. The company considers this increase a long-term bullish signal.
While Bitcoin remains in the headlines, Ethereum is quietly gaining attention as it approaches the $3,000 mark. Social media optimism surrounding ETH is high. However, Santiment analyst Brian warns that this overwhelming positive sentiment could be counterproductive in the short term.
According to the analytics firm's report, memecoins were the cryptocurrency sector that rose the most last week. Brian highlighted this area, which led the way with an average increase of 17%, arguing that this could be a sign of market saturation and a potential peak approach.
According to Santiment, the number of wallets holding one million XRP or more has reached an all-time high of 2,743. At the same time, the total amount of XRP held by these whales is also increasing. This double-edged surge is considered a strong bullish signal for XRP.
Santiment's data reveals that many altcoins are outperforming Bitcoin. However, the sustainability of this trend depends on Bitcoin's stability above the $110,000 level, which the company stated is a critical threshold for the altcoin market.
While the week ended on a strong note, the next few days will be the true test of the market. Analysts predict Monday, in particular, will reveal whether the crypto market can maintain its momentum.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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