Altcoins are jumping all over the place in the previous week, with key stakeholders separating asset prices from one another quickly by dictating which should be pumped next.
Luckily, Santiment has a model to indicate when the number of whale addresses of ERC-20 and notable altcoins are increasing or decreasing. How do we identify which projects are gaining the fastest steam among crypto millionaires? By using our Whale Holders Distribution Model here. Freely open it, go to File -> Make a Copy, then Download Sansheets, and plug in your API: https://docs.google.com/spreadsheets/d/1v41I4Kb1Fl6rwBwYIuCsmXqtQZw5I_fEbsjU7QsH_x0/view
Give it a spin with your Sanbase PRO account, and you'll quickly find how intuitive it is:
Below are three projects with notable rises in whale numbers, as well as three with notable drops:
⬆️ Increasing Number of Whale Address
Binance Network ($BNB)
Band Protocol ($BAND)
⬇️ Decreasing Number of Whale Address
Kyber Network ($KNC)
Enjin Coin ($ENJ)
We love to look at different ways to gauge which assets may be under the radar and ready to pump. At the time of this writing, altcoins are pumping hard against Bitcoin once again, just a few days after a market-wide dump that saw retracements all over the map.
For this list, we've put together five charts that show a rising gap between overall daily address activity (high orange lines are generally a good sign), and daily active deposits (low pink lines are generally a good sign).
Ethereum ($ETH) - #2 Market Cap Asset
Maker ($MKR) - #35 Market Cap Asset
Enjin Coin ($ENJ) - #57 Market Cap Asset
Decentraland ($MANA) - #59 Market Cap Asset
Basic Attention Token ($BAT) - #66 Market Cap Asset
We recently posted about Ethereum's return above $2,000 this past week, and our explanation on one of the key contributors to why.
When active addresses move up over time for a crypto asset, while active deposits move down, it's a reliable indication of a token seeing growing utility without funds moving to exchanges for potential sell-offs. In other words, this is a very bullish pattern our pro traders look for often.
Our new Daily Active Deposits & Non-Deposit Activity Sansheets Model easily identifies which assets are developing patterns similar to Ethereum's. Here's a snapshot of which activity vs. deposit ratios are rising vs. their 3-month resting averages:
Here are some of the largest bullish divergences, according to this model. We look for high green bars (indicating large activity/deposit ratios), and large green dots on the above model, and rising orange lines on Sanbase here: