"Are you all whales interested in altcoins too?"
Without realizing it, whales were found to show significant interest in several altcoins when there was a large-scale transfer taking place, causing cryptocurrency investors to want to know about it.
Through an on-chain indicator called Whale Transaction Count, large movements by whales will be seen if the metric value is high while the indicator is low indicating whales may not be paying attention to the crypto and they are not making much movement in the chain.
So here you can see there are five altcoins that saw an increase in Whale Transaction Count, including Injective (INJ), Rocket Pool (RPL), PlayDapp (PLA), STP (STPT) and Basic Attention Token (BAT).
This is because whales at this time have begun to be interested in trading in several altcoins immediately after gaining confidence from the drastic increase made by Bitcoin (BTC).
However, it should be reminded that a high value for the Whale Transaction Count estimate is a predictor of ups and downs for any other digital asset.
It cannot be denied that any single transaction may not be large enough to move the crypto market significantly on its own, but if many such movements occur simultaneously then the digital asset can be volatile.
However, any ups and downs that may arise from high whale trading activity can cause the price to rise or fall as the on-chain indicator only measures the number of large changes occurring on the chain.
Therefore, the only thing that can be said about an altcoin that has high interest from large holders is that it is more likely to exhibit slight ups and downs whose direction is still uncertain.
