- Ethereum-based altcoin Illuvium (ILV) indicates a bullish sign due to a sharp rise in on-chain transaction volumes, according to crypto analytics firm Santiment.
- While Ethereum’s liquid staking protocol Lido DAO (LDO) has observed several major on-chain transactions, the altcoin’s supply on exchanges is relatively low, standing at just under 6%.
Illuvium Shows Bullish Signs amidst Rising On-Chain Transaction Volumes
Crypto analytics company, Santiment, has highlighted that Ethereum-based altcoin, Illuvium (ILV), exhibits signs of a possible rally. The prediction arises from a sharp increase in on-chain transaction volumes, a key factor used in forecasting future trends. Illuvium, the interoperable blockchain game, is reported to be demonstrating potential bullish indications amid this rise.
A striking event contributing to this uptick was a $14 million whale transaction, the largest since July 2022, which took place early on Thursday. Brian Quinlivan, Santiment’s Director of Marketing, points out that the surge in Illuvium’s on-chain transactions appears to coincide with the token’s price potentially reaching its lowest point. The altcoin has undergone rapid devaluation since its peak above $106 in early February, currently sitting below $47.
“The supply on exchanges for Illuvium has progressively risen since its dramatic fall, now accounting for 14.5%,” says Quinlivan. “However, the surge in the ILV network’s on-chain transaction volume, following this $14.0 million transaction, marks the highest level in around 14 months. This might represent a bullish sign, especially as it emerges amidst a possible price trough.”
Lido DAO Remains Strong with Low Exchange Supply Despite High On-Chain Transactions
On the other hand, Lido DAO (LDO), Ethereum’s liquid staking protocol, has experienced several large on-chain transactions this year. Despite these movements, Quinlivan indicates that LDO’s supply on exchanges remains relatively low for an altcoin.
“Lido DAO has registered multiple substantial transfers on its network throughout 2023,”
“Despite a massive shift from one self-custody wallet to another, there hasn’t been a significant spike in transaction volume. The supply of LDO on exchanges currently sits at just under 6%, an unusually strong figure for an altcoin.”
Both Illuvium and Lido DAO are intriguing players in the current crypto landscape. Illuvium is valued at $46.90 at the time of writing, while Lido DAO is trading at $2.01. These analyses, as derived from their on-chain transaction volumes and exchange supply, signal potential trajectories worth considering for market observers.
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