Crypto-whale activity booming in an altcoin built on ethereum () alludes to a major turnaround, according to the health of the blockchain analysis company.
Santiment explains that Maker (), a well-established decentralized finance protocol (challenge) that uses smart contracts to fuel stabilisation-based lending, has seen its largest whale deal in over three months.
More than three months ago, a couple of hours ago, Maker made his biggest whale trips. 24,331 mkr ($17.4M) were moved to a whale address, followed by another movement of the same size. During demotions, such massive movements are often correlated with reversals of situation."
At the time of writing, MKR is increasing by more than 4% over the last 24 hours, currently trading at $772.91.
Santiment says there is another uptrend in crypto markets. According to the company, dormant trueusd () parts are suddenly in motion as the supply of stablecoin on crypto exchanges has reached its highest level in almost two years. Dormant parts are cryptoactive parts which have remained dormant for an extended period of time.
Santiment says such a sudden move into stablecoins usually auspicious for crypto markets.
"Trueusd saw waves of previously dormant parts move to the stock markets, boosting its foreign exchange offer to 73% for the first time since June 22, 2021. As a general rule, the transition from stabilisers to stock exchanges implies greater purchasing power.
Santiment also reports that Bitcoin () and Ethereum traders are closing their positions at a loss over the last few days, a trend that the firm says usually precedes a market bottom.
"Bitcoin and ethereum are at the same time having more traders to sell at a loss than at a profit this week, the first week to date in 2023. Historically, once the crowd leaves its positions more often at a loss, the funds are more likely to form."