MATIC's on another all-time high binge, so here are 4 quick metrics to watch:
1) Daily active addresses look very choppy - isolated spikes around local pumps, possibly a signal of increased sell-offs:
Unless we see a sustained uptick in address activity, we may expect volatile PA and a quick-fire correction with every new ATH push.
2) Daily deposits confirm the above - latest two price tops were marked by a clear uptick in deposits. These indicate rising sell-offs that may obstruct the rally:
3) Network Profit/Loss had a massive spike right as MATIC hit new ATH, suggesting significant profit-taking activity. Keep an eye on these if MATIC rallies once more:
4) Finally, last two price tops were marked with upticks in MATIC-related chatter, as the social sentiment hit 'peak hype'. This should be a good gauge of retail fear/greed as (or if) MATIC continues to pump:
Stay safe out there!
Bitcoin, over the past week, has been nothing short of a snoozefest over the past week, as the ranging pattern between $33k to $36k has turned many traders' attention to altcoins as the more exciting option. And the increased volume and action being seen by many assets that had been pummeled just one month ago, are now showing encouraging signs once again.
Top whale holder numbers are decreasing for many of these surging assets, and this article will take a look at which assets are seeing whale accumulation, and which are seeing whales dumping their bags.
With your Sanbase PRO account, get our Whale Holders Distribution Model here.
Freely open it, go to File -> Make a Copy, then Download Sansheets, and plug in your API: https://docs.google.com/spreadsheets/d/1v41I4Kb1Fl6rwBwYIuCsmXqtQZw5I_fEbsjU7QsH_x0/view
⬆️ Increasing Number of Whale Address
Yearn Finance ($YFI)
⬇️ Decreasing Number of Whale Address
Kyber Network ($KNC)
- Bitcoin, Council, miners, mining - https://www.foxbusiness.com/markets/bitcoin-miners-form-council-meeting-elon-musk
- Dalio - https://www.coindesk.com/consensus-ray-dalio-i-have-some-bitcoin
A few references:
A few references:
- Elon, SNL, DOGE - https://twitter.com/elonmusk/status/1387290679794089986
- Ellen, NFT, Cuban - https://cryptobriefing.com/ellen-degeneres-sells-nft-talks-about-dogecoin/
- Refinable - https://twitter.com/__omxr__/status/1387080771748384768
MATIC has pressed its way up to being the 37th largest market cap in cryptocurrency, and this is no fluke according to Santiment's on-chain and social fundamental metrics.
Here are a few quick charts that we can use that foreshadowed the monumental growth from the ETH-based asset, particularly its peak +185% price jump in just the past five days.
The Good News
Daily Active Addresses have exploded the last couple of days, and continue its long-term rise.
Network growth shows a similar long-term rise.
Unique tokens are being circulated between addresses at a significantly faster rate.
The Bad News
The rate of development from MATIC's Github is moving downward.
Whale addresses with 100,000 tokens or more are declining over the past 6 weeks.
Active deposits are not far behind active addresses, meaning plenty of coins are being moved to exchanges to take profit.