Under-the-Radar Ethereum-Based Altcoin Flashing Bullish Signal, Says Crypto Analytics Firm Santiment

Cryp­to ana­lyt­ics plat­form San­ti­ment is say­ing that one Ethereum (ETH)-based alt­coin is show­ing signs of a poten­tial ral­ly based on on-chain data.

Santiment’s direc­tor of mar­ket­ing Bri­an Quin­li­van says that the inter­op­er­a­ble blockchain game Illu­vi­um (ILV) is flash­ing a poten­tial­ly bull­ish sig­nal amid a sharp rise in on-chain trans­ac­tion volumes.

A $14 mil­lion whale trans­ac­tion, the largest since July of 2022, occurred ear­ly Thursday.

Accord­ing to Quin­li­van, the spike in Illuvium’s on-chain trans­ac­tion vol­umes is coin­cid­ing with the token price of the inter­op­er­a­ble blockchain game poten­tial­ly bot­tom­ing out.

“Illu­vi­um has been sink­ing rapid­ly since its huge ascent above $106 in ear­ly Feb­ru­ary. Now back below $47, there is a con­cern that the sup­ply on exchanges has steadi­ly risen ever since, and now sits at 14.5%.

You’ll notice that the on-chain trans­ac­tion vol­ume for the ILV net­work has sky­rock­et­ed as a result of this $14.0 mil­lion trans­ac­tion, the high­est lev­el in about 14 months. 

This could poten­tial­ly be a bull­ish sig­nal, con­sid­er­ing it’s hap­pen­ing dur­ing what could be a plau­si­ble bot­tom area for the price.”

Illu­vi­um is worth $46.90 at time of writing.

Turn­ing to Lido DAO (LDO), Quin­li­van says that while the Ethereum liq­uid stak­ing pro­to­col has wit­nessed sev­er­al large on-chain trans­ac­tions this year, its sup­ply on exchanges is rel­a­tive­ly low for an altcoin.

“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.”

Lido DAO is trad­ing at $2.01 at time of writing.

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