• Crypto analytics platform Santiment is saying that one Ethereum (ETH)-based altcoin, Illuvium (ILV), is showing signs of a potential rally based on on-chain data.
• A $14 million whale transaction recently occurred which coincides with the token price potentially bottoming out.
• Lido DAO (LDO) has witnessed several large on-chain transactions this year and its supply on exchanges is relatively low for an altcoin.
Under-the-Radar Ethereum-Based Altcoin Flashing Bullish Signal
Crypto analytics platform Santiment is saying that one Ethereum (ETH)-based altcoin, Illuvium (ILV), is showing signs of a potential rally based on on-chain data. A $14 million whale transaction recently occurred which coincides with the token price potentially bottoming out.
On-Chain Data Suggests Possible Rally
According to Santiment’s director of marketing Brian Quinlivan, the spike in Illuvium’s on-chain transaction volumes is coinciding with the token price of the interoperable blockchain game potentially bottoming out. A $14 million whale transaction, the largest since July of 2022, occurred early Thursday. Quinlivan says this could potentially be a bullish signal considering it’s happening during what could be a plausible bottom area for the price.
Lido DAO Sees Low Supply On Exchanges
Turning to Lido DAO (LDO), Quinlivan says that while the Ethereum liquid staking protocol has witnessed several large on-chain transactions this year, its supply on exchanges is relatively low for an altcoin. He notes that while there have been some very large movements on its network throughout 2023, they haven’t caused a significant spike in transaction volume and that the supply currently sits at just under 6%.
Price Action For Both Tokens
Illuvium is worth $46.90 at time of writing and Lido DAO stands at $2.01 at time of writing according to Quinlivan’s analysis.
Disclaimer
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