Amid the broader market rally, the value of BEAM, the token that powers the gaming network Beam, has surged to a monthly high.
The reason for this is not far-fetched. In the past 30 days, the altcoin has seen increased activity among its large holders, indicating increased interest in the token.
Beam climbs to a 30-day high
At press time, BEAM trades at $0.019. The token’s price has increased by 13% in the last month and 15% in the past seven days.
Apart from the general market rally during that period, BEAM’s price growth has also been due to increased participation from its institutional investors and other large token holders.
IntoTheBlock’s data show that the past month has witnessed an uptick in BEAM’s daily large transactions count. For context, the daily count of BEAM transactions worth between $10,000 and $100,000 has increased by 57% over the past 30 days. During the same period, larger transactions worth between $100,000 and $1,000,000 have risen by 129%.
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The rise in an asset’s large transaction count is a bullish signal. Significant buying activity at high volumes can increase prices, as it indicates strong demand and reduces available supply. When retail investors observe institutional investors increasing their trading activity, it often boosts their confidence, leading to more buying activity and sustained price growth.
However, some whales have taken advantage of BEAM’s 15% price rally to sell some of their holdings for profit in the past week. This can be gleaned from the 30% decline in its large holder netflow over the past seven days.
Large holders refer to addresses that hold over 0.1% of an asset’s circulating supply. An asset’s large holder netflow measures the difference between the coins these investors buy) and the amount they sell over a specific period.
When an asset’s large holder netflow declines, its whale addresses are selling their holdings. It is a bearish signal, suggesting potential selling pressure and a risk of price decline.
BEAM Price Prediction: A Rally Above $0.019, Or a Decline Toward $0.012?
If the ongoing whale distribution trend continues, BEAM’s price may plunge to a seven-month low of $0.012. The last time the altcoin traded at that price level was on January 3.
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However, if the buying momentum continues to outweigh selling activity, BEAM’s price may climb toward $0.019 and even rally past it.
The post BEAM Witnesses Spike in Large Transactions, Price Surges to Monthly High appeared first on BeInCrypto.
