Apecoin and Neiro: A Contrast of Two Memes With Different Whale Deposit Behavior!

You may have missed the fact that Santiment's groundbreaking new Centralized Exchange Deposit Dashboard was released last week. And based on our early experimentation with these tools, it's definitely a game changer, difference maker, and time saver. Why is this dashboard such a welcomed sight for so many traders? Well, it provides one of the best ways to efficiently find top signals for any ERC-20 coin in crypto.

Below is a snapshot of the last 24 hours, as of the time of this writing. We can see that Apecoin, among the top performing coins over the past 48 hours (+110%), has had the two largest deposits on to centralized exchanges. This included:

• $11.8M in APE moving to OKEX
• $7.7M in APE moving to Binance

Apecoin's ascension was also followed by a massive Age Consumed spike (a sign of dormant coins moving) that aligns with the same hour of the aforementioned $7.7M Binance deposit.

Further, we see on the dashboard (directly below the list of coins) when sorting by ApeCoin large deposits ($1M or more), that the amount of deposits soared after the pump. More clear top signaling.

So it's clear that whales were reacting to the more than 2x price move by Apecoin. And whales don't typically wait for the value of their coins to double before buying more. So the likelihood of both of these being profit taking moves were almost certain. In fact, the vast majority of transfers of coins to centralized exchanges are signs of planned profit taking.

This, of course, doesn't mean these two whales instantly sold as soon as they moved the coins to their respective exchanges, either. Sometimes it's simply to get things 'queued up' to sell at their exact target prices. Either way, this is generally a classic top signal. And we would not have been able to wade through the thousands of altcoins to find these huge deposits without the help of this new dashboard.

But how about we reverse reference this dashboard, so that we seek out coins that are pumping right now rather than just looking at the largest centralized exchange deposits among ALL assets.

If we head to this data screener, which has a simple filter to sort by coins with market caps over $450M, First Neiro On Ethereum ($NEIRO) is the 3rd best gainer over the past 30 days, surging +110.7%.

Let's check out how it looks on the Centralized Exchange Dashboard. We can see that the biggest crop of deposits really started to pop up about a day before the local top, and they have cooled down since:

So even though NEIRO has declined a bit over the past week, it's good that the massive $1M+ deposits have cooled down significantly. A lot of its future performance will be dependent on the overall crypto markets during these final 2+ months of 2024. But further dips don't appear to be imminent the way they likely are for Apecoin.

This has just been a tidbit of how we can effectively use Santiment's new Top Centralized Exchange Dashboard to our advantage. Have you found any great use cases or independent coin discoveries from it? Let us know in the comments!

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Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.