Santiment Surprising Surge in Ethereum Investments by Whales as Crypto Markets Indicate an Upcoming Rebound
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Santiment Surprising Surge in Ethereum Investments by Whales as Crypto Markets Indicate an Upcoming Rebound

Crypto investors with deep pockets are accumulating Ethereum (ETH), according to market intelligence firm Santiment. The firm notes that the activity level of ETH whales has reached a six-week high, suggesting that the top altcoin could trigger a market rally. While this is not a guarantee of an immediate price bounce, it is an encouraging sign. Additionally, Santiment’s chart shows that 6,428 new ETH wallets were created on October 24th, the highest daily number since September 5th.

Santiment also highlights some catalysts for a potential market rally, including increased fear, doubt, and uncertainty (FUD) as well as heightened attention towards memecoins. The firm suggests that a market bounce may occur in the next few days, particularly if sentiment reflects the much-needed FUD. Notably, Solana, Jito, Cosmos, and Jupiter have stood out during a volatile week for crypto markets, while meme coins have garnered increased interest levels.

At the time of writing, Ethereum is trading at $2,498, reflecting a 1.9% increase in the last 24 hours. Investors are advised to conduct their own research and exercise caution before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where the article was sourced from, does not provide investment advice or act as an investment advisor.

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