Whale Accumulation Soars as BEAM Hits Rockbottom in December
After Beam reached its lowest point in December 2023, larger investors, known as whales, began to show heightened interest in the asset and started accumulating it.
On August 5, Beam (BEAM) dropped to $0.0106 for the first time since December 2023. However, with a market-wide recovery in motion, Beam’s native token emerged as the top performer, experiencing a remarkable 12.2% increase in just 24 hours.
As of now, Beam is trading at $0.014, boasting a market capitalization of $700 million. The daily trading volume has surged by an impressive 130%, exceeding $23 million.
You might also like:
Mark your calendars for August 15, as Bitcoin and altcoins continue their upward trajectory.
Data from Santiment indicates that whale transactions involving at least $100,000 worth of BEAM tokens rose from 15 to 27 unique transactions within just one day.
This uptick in whale activity began on August 5, coinciding with Beam’s price hitting a local low. According to market intelligence, the accumulation of BEAM tokens from exchanges has spiked following the asset’s price rebound. Santiment reports that over 162.6 million BEAM tokens have exited exchanges in the past 24 hours, while 147 million tokens have entered crypto exchanges.
Despite this surge in whale interest, the number of daily active addresses for Beam has been on a consistent decline over the past week, dropping from 647 on August 5 to just 290 active wallets at the time of reporting.
The increase in whale activity has also caused the Beam Relative Strength Index (RSI) to climb to 72, indicating that BEAM is overbought and a price correction may be on the horizon. When whale activity spikes around an asset, on-chain data typically reveals overheated conditions, suggesting that large holders could be influencing the price.
Moreover, investors should remain vigilant regarding macroeconomic developments, as these could swiftly alter the landscape of both the cryptocurrency and stock markets.
Read more:
Tyler Winklevoss: What led Kamala Harris to miss the crypto roundtable?
