3 - 5 minute read
The cryptocurrency market is always in a state of flux, with prices and trends changing rapidly. In the midst of all this, blockchain data insights firm Santiment has revealed that crypto whales have signaled a major top at all-time highs for an Ethereum-based altcoin project, Rocketpool.
According to Santiment, whales took profit right at all-time highs when Rocketpool peaked above $61. Rocketpool is a liquid staking protocol that allows Ethereum holders to stake their coins without holding the 32 ETH normally required to become a validator. Santiment says RPL saw the second-highest amount of transactions exceeding $100,000 in the token’s history as it reached all-time highs.
“Rocketpool whales perfectly signaled the top as they took profit just after the asset’s all-time high at $61.87. The 70 $100,000+ transactions were the second-largest behind the 111 RPL transfers made on Nov. 8th, 2021, in the midst of the then all-time high (at) $59.47.”
At the time of writing, RPL has cooled off from its all-time high and is currently trading at $46.85. This signals a potential risk for traders who might have invested in the cryptocurrency at its peak.
According to Santiment, the recent memecoin craze that saw cryptocurrencies like PEPE, BABYDOGE, and others explode last week also suggests that the crypto markets are poised to take a breather. The analytics firm notes that the recent surge of keywords such as Pepe, Babydoge, and Bobo on social media is a reliable market top signal.
“Crypto markets often top and fall when meme keywords begin to spike. And as crypto markets have slipped this past week, we’ve seen words like pepe, babydoge, and bobo trend at high frequencies. These social spikes are reliable market top signals.”
Traders should take note of these signals and be cautious with their investments. It is essential to keep an eye on market trends and make informed decisions based on reliable data and analysis.
The Bottom Line
The recent signals from crypto whales and the surge of meme keywords on social media suggest that the cryptocurrency market is poised to take a breather. Traders should be cautious with their investments and keep an eye on market trends. It is crucial to make informed decisions based on reliable data and analysis.