These three altcoins are seeing sudden attention from whales, what to expect

• Altcoins Injective, Render and Polygon observe whale transfers to cold wallets resulting in price anomalies.
• Santiment analysts view price anomalies as reliable short-term and long-term signals.
• INJ, RNDR and POL post slight gains on Tuesday.

Altcoins such as Injective (INJ), Render (RNDR), and Polygon (POL) are among the few assets that have seen changes in whale entity behavior. Data from the crypto information tracker shows that large wallet investors have moved their altcoin holdings to cold wallets, likely a signal of the upcoming shift in asset prices.

Whales are moving their altcoin holdings off exchanges

Data from Santiment shows that among the altcoins that saw changes in whale activity, Injective, Render, and Polygon were moved to cold wallets. Large wallet investors moving their holdings to cold wallets mean offline storage or exchange platforms. This reduces the selling pressure on the asset as it helps to reduce the supply held on exchanges.

Whale activities have contributed to price anomalies, and Santiment analysts believe they serve as short- and long-term signals for assets.

In the case of INJ, the whales moved most of their holdings off the exchanges and into cold wallets in August 2023, since then they have gradually moved more.

Polygon transitioned from MATIC to POL and a major movement of whales was observed on September 9, 2024. RNDR whales moved their coins to cold wallets on July 21, 2024, and their holdings on the exchange platforms have been relatively stable since then .

Altcoins notes whale wallet activity

INJ, RNDR and POL rose nearly 2% on Tuesday. The three altcoins could extend their gains if selling pressure on these assets eases and demand remains the same. Whale activity is usually considered a precursor to price change.