Are Altcoins Ready to Bounce? Crypto Insights Firm Santiment Reviews 5 Coins Including Shiba Inu and Chainlink

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Digital asset analysis firm Santiment is examining a handful of altcoins to gauge the strength of the crypto after the global market cap fell 8% in less than a day.

In a new Santiment Insights report, the crypto intelligence firm analyzes what it calls “blue chips” in the ERC-20 market segment: Shiba Inu (SHIB), Uniswap (UNI), Yearn.Finance (YFI), Aave (AAVE) and Chain link (LINK).

While evaluating the influx of crypto into the exchanges, Santiment highlights the coin SHIB meme as a positive measure.

“People seem very confident in their holdings. SHIB for example.

A downward trend in SHIB deposits on the exchanges indicates that traders are not afraid that Shiba is going down. They will not send tokens to exchanges to sell them.

Source: Santiment

On the topic of exchanges and inbound flows, Santiment is also interested in decentralized exchanges (DEX) Uniswap.

“Three rising spikes could indicate that people were looking to take profit just before the dump.

But nothing like it after the discharge itself.

Source: Santiment

In terms of active deposits, the company sees only one negative indicator of the YFI crypto yield optimizer.

“No worries or minimal worries visible. Except for YFI.

Source: Santiment

Turning to network profit and loss, Santiment says that four of the five altcoins avoided panic sales.

“Interesting that the picture here is completely the same again: almost no panic sells except to YFI. “

Source: Santiment

The fourth indicator relates to the time elapsed since the last movement of a crypto asset, known as the consumed age. Santiment says it’s a good sign that long-term holders don’t seem to be moving their tokens to exchanges.

“The five chips don’t have any significant outliers here. Chances are no huge old bag has been moved or sold. It looks like this on the charts.

Source: Santiment

Finally, the company takes a look at what whales with $ 500,000 to $ 50 million worth of crypto are doing with their bags. Only the decentralized price feed service Chainlink shows a downward trend.

“Is it still (nothing special) or sinking (the whales unload the bags)?

Here we can say that only one in five tokens shows a downward trend in whale balances. [over the] last day. It’s LINK.

Source: Santiment

Santiment concludes his analysis by saying:

“We don’t see a lot of signs of panic or sales within the selected ERC-20 tokens.

People don’t seem to care about the dump.

You can read the full report here.

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