According to blockchain data compiled by insights provider Santiment, cryptocurrency whales are responsible for helping to put up a significant top at all-time highs for an altcoin project that is based on Ethereum (ETH).
According to Santiment, whales cashed out their profits immediately at record highs when Rocketpool (RPL) reached a price of more than $61. Rocketpool is a liquid staking protocol that enables holders of Ethereum to stake their coins without having to keep the 32 ETH that is ordinarily required to become a validator. Rocketpool was developed by the Rocketpool Foundation.
As the price of RPL reached all-time highs, according to Santiment, the token had the second-highest number of transactions that were worth more than $100,000 in its history.
“Rocketpool whales took profit just after the asset reached its all-time high at $61.87, which served as the perfect signal that the market had reached its peak. The 111 RPL transfers completed on November 8th, 2021, when the price of RPL was at an all-time high of $59.47, were the largest transaction ever made, while the 70 transactions over $100,000 were the second highest.
The price of RPL has returned to more normal levels after reaching an all-time high, and it is currently trading at $46.85 Additionally, Santiment has observations to make on the recent memecoin craze, which saw the value of cryptocurrencies such as PEPE, BABYDOGE, and others skyrocket over the past week. The analytics group believes that the recent spike in the popularity of phrases on social media such as Pepe, Babydoge, and Bobo is a strong indicator that the cryptocurrency markets are getting ready to take a break.
“When meme keywords begin to increase, cryptocurrency markets frequently peak and then plummet. And within the past week, we’ve noticed that terms like pepe, babydoge, and bobo have been trending at high frequencies as the cryptocurrency markets have declined. These social surges are trustworthy peak market indications.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.