• Quant (QNT) saw a massive spike in whale transactions exceeding $100,000 on 7 January.
• After seeing a similar increase in the volume of large transactions by whale investors on 30 December, the price of QNT quickly rose by 10%.
• At press time, QNT exchanged hands at $113.52 and its price went up by 7% in the last week.
Quant (QNT) saw a significant spike in whale transactions exceeding $100,000 on 7 January, leading to a 10% price increase following a similar increase in the volume of large transactions by whale investors on 30 December. At press time, QNT exchanged hands at $113.52 and its price had gone up by 7% in the last week.
An examination of the crypto asset’s performance on a daily chart suggested that the bullish trend might continue as long as macro factors remained favorable. Data from the on-chain analytics platform Santiment revealed that the alt closed the trading day with 221 QNT transactions valued at over $100,000, its highest in 16 months. A look at QNT’s Bollinger Bands (BB) revealed very low price volatility in the market, indicating that QNT holders would be able to ride out the bullish momentum to log profits before the re-entry of the bears into the market.
The recent increase in whale transactions could be attributed to the increased demand for the token due to its limited supply and the surge in interest in decentralized finance (DeFi). QNT has been gaining traction in the DeFi space due to its unique features such as multi-chain interoperability and trustless staking. The coin has been listed on several popular DeFi platforms such as Uniswap and Binance Smart Chain.
Overall, the recent increase in whale transactions and the associated price increase suggest that QNT is well-positioned to capitalize on the current bullish momentum in the cryptocurrency market. While the current bullish trend is expected to continue in the short term, investors should exercise caution and do their own research before investing.