Celsius (CEL): According to analytics firm Santiment, whales are quietly triggering a 900% increase in 2 struggling altcoin projects. The acquisitions come as crypto lending platforms are on the verge of bankruptcy.
- 1 Whales save from 2 collapsed altcoin projects
- 2 CEL price drops 99% after Celsius suspends operations
- 3 Santiment also says that two factors are potentially bullish for Bitcoin.
- 4 Altcoin whales buy massive amounts of SNX
- 5 Share this:
Whales save from 2 collapsed altcoin projects
Santiment says whales have been hoarding tokens from a struggling crypto lending firm since last week. According to Santiment, whales have been accumulating CEL tokens massively over the past 10 days. In its recent analysis, the firm mentioned:
Celsius and the +290% price increase in 10 days came as investors ignored the token. But behind the scenes, big whale addresses are piling up in a big way.
Celsius (CEL) hit a multi-year low of $0.15 on June 13. However, it has recently rallied to $1.55, up more than 933% on June 21. It has since lost nearly 40% of its value and is currently trading at $0.917.
CEL price drops 99% after Celsius suspends operations
Celsius announced on June 12 that it has temporarily suspended withdrawals. After that, the CEL price fell more than 99% from its all-time high. Meanwhile, the firm still has not reinstated withdrawals. At the same time, it paused the routine ask me anything sessions with the public last week. AmkNews.com As we reported, state regulators in the US have launched an investigation into Celsius’ operations.
Santiment also says that two factors are potentially bullish for Bitcoin.
Santiment also assesses the current circulating supply of Bitcoin. In this regard, the company says:
Bitcoin’s supply rate remains low at levels last seen in November 2018. This is a good sign of limited risk of selling in the future. Meanwhile, the supply of Tether continues to rise sharply on exchanges, indicating greater purchasing power.
Altcoin whales buy massive amounts of SNX
Also, Santiment says that whale activity surrounding synthetic asset issuer Synthetix (SNX) has risen over the past two days, along with its price:
Synthetix is up 97% since Saturday. Now we can clearly see the huge increase in the activity of SNX whales. This shows their involvement. The 87th largest cryptocurrency by market capitalization typically has 3 $100,000+ transactions per day, with 129 transactions on Sunday.
What happened in Celsuis?
On June 12, Celsius Network temporarily paused all withdrawals from its platform. The team cited extreme market conditions as a reason for the decision. This decision, however, triggered board-wide sales of crypto assets.
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