These Altcoins Are Seeing High Whale Interest After Fed Rate Cut

Name	Symbol	Market	Market Cap ($)	Algorithm
Immutable X	IMXUSD	Crypto	2,712,956,039	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Immutable X

IMXUSD

Crypto

2,712,956,039

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.140	8.92%	1.71	1.71	1.71

Price Change

Price Change %

Current Price

Bid Price

Offer

0.140

8.92%

1.71

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.82	1.57	1.59	1.57	0.909800 - 100.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.82

1.57

1.59

1.57

0.909800 - 100.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	15:28:20	330.86	1.71	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

15:28:20

330.86

1.71

USD

Price x Volume	Volume	Base Symbol	Related Pairs
12,282,392.40	7,266,211.81	IMX	IMXEUR	IMXGBP	IMXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

12,282,392.40

7,266,211.81

These Altcoins Are Seeing High Whale Interest After Fed Rate Cut

20/09/2024 9:30pm

NEWSBTC

On-chain data shows three altcoins are observing a high transaction activity from the whales after the US Federal Reserve (Fed) announced a rate cut. Whale Transaction Count Has Spiked For These Altcoins Recently In a new post on X, the on-chain analytics firm Santiment has discussed the Whale Transaction Count trend for three altcoins. The “Whale Transaction Count” here refers to an indicator that keeps track of the total number of transactions taking place on a given cryptocurrency network that involves a value of more than $100,000. Transfers of this scale are typically associated with whales, the largest entities on the network, so the indicator’s value can provide hints about the current activity from this cohort. Related Reading: Crypto Shorts Suffer $147 Million Squeeze As Bitcoin Returns Above $63,000 When the value of this metric is high, it means the whales are making a large amount of moves right now. Such a trend implies these humongous holders have an active interest in trading the coin. On the other hand, the indicator having a low value suggests this group may not be paying too much attention to the asset at the moment as they aren’t making that many transfers. Now, here is a chart that shows the trend in the Whale Transaction Count for three altcoins, Immutable X (IMX), Fantom (FTM), and Basic Attention Token (BAT), over the last few weeks: As displayed in the above graph, large spikes in the Whale Transaction Count have been observed for all of these altcoins over the last couple of days. This would suggest that the whales have suddenly become very active on these networks. The timing of the spikes would mean this activity is likely related to the interest rate cut announced by the Fed. While the high values indicate a surge in trading interest from the whales, the Whale Transaction Count alone can’t tell us what sort of trades these humongous investors are making exactly. Buying and selling transactions both look the same from the perspective of the indicator, and thus, carry the same weightage in its count. What can provide hints about whether accumulation or distribution is dominant, though, is the surrounding price action. Bitcoin and the altcoins as a whole, including Immutable X and company, have surged since the Fed announcement, so the increased whale activity could be associated with buying. Related Reading: Will Bitcoin Bullish Swing Continue? Top Analyst Says Yes Naturally, any further spikes in whale activity aren’t necessary to be bullish, but Santiment notes that if Bitcoin and others continue to grow, then these altcoins can also thrive off a high Whale Transaction Count. IMX Price Immutable X has continued the latest bullish push during the last 24 hours with another surge of almost 10%, which has taken its price to $1.58. The below chart shows how the recent performance of IMX has been like. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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IMXUSD Immutable X