Huge Transactions From Lido Dao, Illuvium, Holo

There were some more major altcoin transactions today as crypto markets continued to gradually fade. When a sudden whale move is made on an asset's network, this can very often be a hint of a major outlier in the works for an asset you may not be paying attention to. So here are the three major altcoin moves that Santiment data picked up on today:

Lido Dao ($LDO): $36.4 million transfer (non-exchange address to non-exchange address)

Lido Dao has had several very large movements on its network throughout 2023. So much so that this massive transfer from one self custody wallet to another has not brought a significant spike in transaction volume. What we do know is that the supply on exchanges for LDO is just under 6%, which is relatively strong for an altcoin.

Illuvium ($ILV): $14.0 million transfer (non-exchange address to non-exchange address)

Illuvium has been sinking rapidly since its huge ascent above $106 in early February. Now back below $47, there is a concern that the supply on exchanges has steadily risen ever since, and now sits at 14.5%. You'll notice that the on-chain transaction volume for the ILV network has skyrocketed as a result of this $14.0m transaction, the highest level in about 14 months. This could potentially be a bullish signal, considering it's happening during what could be a plausible bottom area for the price.

Holo ($HOT): $12.7 million transfer (non-exchange address to non-exchange address)

Holo has been a rollercoaster over the past six months, zigzagging wildly as the supply on exchanges has reduced significantly. This latest $12.7m transfer is not unique for the HOT network, and we have seen several similar sized whale moves that pop up once or twice per month. For now, this latest transaction has had no impact on the supply on exchanges.

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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.