The market is concerned about the potential for a price decline due to the increasing exchange deposits of altcoins like WLD, MOVE, MKR, OM, stETH, and RSR.
6 altcoins are at risk of a price decline in the wake of the recent US FOMC, which has resulted in a highly dynamic market. Santiment’s data on Thursday revealed a significant increase in the deposits of WLD, MOVE, MKR, stETH, OM, and RSR to crypto exchanges, which prompted apprehension among traders and investors in the crypto market.
Altcoin News: The Price of Six Tokens Is at Risk of Crashing Due to Increasing Dumping
Santiment’s X post on January 30 indicates that the movement of altcoins to exchanges has increased significantly in response to the recent sideways trading of the broader crypto market. WLD, MOVE, MKR, OM, stETH, and RSR are at the forefront among these tokens.
Worldcoin’s supply was recorded as having been dumped to Bybit by 0.21%, according to Santiment’s data. The same crypto exchange also acquired 0.20% of the staked Ethereum supply.
Furthermore, 0.20% of Mantra’s supply and 0.14% of Reserve Rights’ supply were recorded as transferred to Binance. Maker and Movement tokens reported that 0.12% and 0.08% of their supply were transferred to Coinbase and KuCoin, respectively.
Overall, the market dynamics of the altcoins above are expected to be adversely affected by the increasing exchange supply, as dictated by the law of supply and demand.
What Is the Movement of Altcoins in the Face of Uncertainty?
The intraday price of WLD has increased by 2% and is currently trading at $1.78 as of press time. However, the price of OM increased by 4% and was traded at $4.76.
Today’s price of stETH increased by slightly more than 1% to $3,180. Additionally, the price of RSR increased by nearly 3% to $0.0132. Nevertheless, the price of MOVE has decreased by 1.5% and is currently at $0.8109. MKR subsequently experienced a 1% decline to $1,126.
Traders and investors continue to closely monitor the altcoins, anticipating potential price volatility in the wake of an increase in exchange supply. Although the crypto market has experienced a recovery, traders are expecting the emergence of additional factors that could precipitate a crypto market crash.
The cryptocurrency market is exhibiting indicators of recovery
Nevertheless, the crypto prices have exhibited signs of recovery today despite the U.S. Federal Reserve’s announcement of unchanged interest rates at this FOMC. The price of BTC fluctuated in the vicinity of $105K, while most leading altcoins demonstrated an upward trend.
Per this broader trend, the intraday price action for most of the tokens mentioned is also increasing. However, the long-term outlook for the coins’ price is uncertain, as the substantial exchange deposits also indicate a decline in market confidence in these assets.
Furthermore, it is essential to note that World Liberty, founded by Donald Trump, recently acquired 2.4 million Movement (MOVE) tokens, as reported by Lookonchain on X. A market buzz for the token has been further echoed by this trade maneuver.
