October 1, 2022

According to analyst firm Santiment, several crypto assets are witnessing a surge in social media interest despite the market’s price struggles this week.

Sentiment notes Ethereum (ETH), XRP, Cardano (ADA), Shiba Inu (SHIB) and Polygon (MATIC) have been the most talked about online in the past week, while most other crypto assets have been less talked about.

Source: Sentiment

Analytical firm too says social trends indicate that there is disagreement among members of the crypto community about whether to buy the current price drop.

“The ‘buythedip’ birds are chirping after prices have faded. Last week, just before the CPI [consumer price index] report the crash, traders boasted that they had bought the dip. Now there is legitimate polarization about whether to do it again. What a difference a week makes.”

As for whale activity, Santiment notes that large addresses are buying the decentralized lending and borrowing platform Aave (AAVE).

“Aave key whale addresses holding between 1,000 and 1 million AAVE in their wallets hold up to 54.5 percent. This is the highest amount at these addresses of all time. Still a relatively young asset, the key will be to improve this pipeline even when founder addresses and major exchanges (holding 10 million or more AAVEs) finally stop circulating their coins for active traders and circulation purposes.”

The analytics firm says whales are also targeting the chainlink (LINK) decentralized network of oracles, with addresses holding between 10,000 and 1 million LINKs, increasing their supply by more than 3% of available coins over the past four months.

In addition, whales are buying Amp (AMP), an Ethereum-based token used as collateral for Flexa network transactions. Flexa is a DeFi payment processing system that aims to bring cryptocurrency payments to mainstream retail.

Addresses that have between 100,000 and 10 million AMPs have increased their total supply of crypto assets by more than 25% since the beginning of June.

According to Santimento, the whales’ holdings of Litecoin (LTC), fan engagement token Chiliz (CHZ), and business solution OMG Network (OMG) are actively shrinking.

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