After Beam fell to its December 2023 lows, whales showed increased interest in the asset and started accumulating it.

Beam’s Recent Performance

Beam, currently trading at $0.014, experienced a significant plunge to $0.0106 on Aug. 5, marking its lowest point since December 2023. Following a market-wide recovery, the Beam network’s native token emerged as a top gainer, with a 12.2% surge in the past 24 hours. At the time of writing, Beam holds a market cap of $700 million, and its daily trading volume has seen a 130% rally, surpassing the $23 million mark.

Whale Activity and Market Dynamics

According to data, the number of whale transactions involving at least $100,000 worth of BEAM tokens increased from 15 to 27 unique transactions over the past day. This heightened whale activity began on Aug. 5 when Beam’s price was at a local bottom.

Data indicates that BEAM accumulation from exchanges has surged following the asset’s price recovery. Over 162.6 million BEAM tokens have left exchanges in the past 24 hours, while the number of BEAM tokens entering crypto exchanges stands at 147 million.

Active Addresses and RSI Insights

Despite the increased whale activity, the number of Beam’s daily active addresses has consistently declined over the past week — from 647 on Aug. 5 to 290 active wallets currently. Due to this activity, the Beam Relative Strength Index (RSI) has surged to 72, indicating that BEAM is overbought, and a price correction might be expected.

When whale activity around an asset suddenly increases, on-chain data typically shows overheated conditions, suggesting potential price manipulation by large token holders.

Moreover, investors should consider macroeconomic events, as they can rapidly alter cryptocurrency and stock market conditions.

Stay updated with the latest news and insights on Global Crypto News.

Post Views: 3