XRP, Solana, Cardano, Shiba Inu Making Up for Lost Time as Big Whale Transaction Spikes Pop Up

By Brian Njuguna – February 19, 2024

As the crypto market continues to enjoy notable bullish momentum, altcoins are riding on this wave thanks to heightened whale transactions.

Taking on X (formerly Twitter), leading on-chain metrics provider Santiment acknowledged, “While Bitcoin profits are being distributed to various altcoins, several are showing signs of drawing whale interest.”

Therefore, Injective (INJ) and Basic Attention Token (BAT) have led the altcoin race as whales show soaring interest on the foundation of factors like their notable use cases.

For instance, INJ is revolutionizing the decentralized finance (DeFi) sector by enabling Web3 members to stake for rewards and approve proposals for protocol upgrades, among others.

Are Altcoins Eyeing Hype Cycles?

With Bitcoin recently breaching the $52,000 level, altcoins are eyeing this bullish run after several weeks of retracement.

Leading crypto analyst Rekt Capital acknowledged, “With the Bitcoin rally in progress, it’s a matter of time before that money flows into Altcoins. Altcoins are getting ready.”

Source:RektCapital

Therefore, this analysis suggests that altcoins might be gearing up for hype cycles that could increase prices.

Some top altcoins, such as Ethereum (ETH), have been leading the altcoin rally, given that the second-largest cryptocurrency based on market value is edging closer to the psychological price of $3,000.

ETH was up by 12.5% in the past week to hit $2,935 at the time of writing, according to CoinGecko data.

Therefore, altcoin bulls are not relenting on their quest to scale heights, with Solana (SOL), XRP, Shiba Inu (SHIB) and Cardano (ADA) recently recording massive gains after making a major U-turn.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brian Njuguna and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **