According to a key player in the cryptocurrency industry, one Ethereum-based altcoin has the capacity to outperform other counterparts in the long term. As competition around altcoins builds up, the market player hints that paying attention to the altcoin in question could greatly benefit market participants.
In a recent blog post, Brian Quinlivan, the marketing director of Santiment, a crypto intelligence firm, gave insight into the bullish state of the Ethereum-based altcoin.
In Quinlivan’s words, the interoperable blockchain game recorded a sharp decline after surging above $106 in February. The asset was trading at $47 at the time of Quinlivan’s report. This has stirred concerns amongst key players who believe that the altcoin’s supply on exchanges has surged over time.
This would typically imply that demand for the asset is tumbling. However, the on-chain transaction volume on the ILV Netwerk has notably surged as a result of a recent $14.0 million transaction, which the analyst recognizes as the largest over the last 10 months.
The recent development is a bullish signal, says the analyst, particularly because it took place at a time that was considered a “plausible bottom area” for the price of the asset.
Brian Quinlivan wants the market to watch out for Holo (HOT) and Lido Dao (LDO)
The analyst reckons that some major transactions took place in the crypto market on the 25th of May. Sudden movements like this typically suggest that a major outlier is in the works.
Lido Dao (LDO) is one of the altcoins a has recorded very large movements on its network throughout 2023. LDO is currently well-positioned to continue its upsurge.
Lido Dao has had several very large movements on its network throughout 2023. So much so that this massive transfer from one self custody wallet to another has not brought a significant spike in transaction volume. What we do know is that the supply on exchanges for LDO is just under 6%, which is relatively strong for an altcoin.
The analyst also maintains that Holo (HOT) has been on a “rollercoaster” over the past couple of months. The HOT network recently recorded a $12.7 million transfer, and the analyst says it is not an anomaly.
Holo has been a rollercoaster over the past six months, zigzagging wildly as the supply on exchanges has reduced significantly. This latest $12.7m transfer is not unique for the HOT network, and we have seen several similar sized whale moves that pop up once or twice per month. For now, this latest transaction has had no impact on the supply on exchanges.
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