UNUS SED LEO [LEO]: Why you need to pay close attention if you want returns
Could has been a great month for CoinMarketCap to provide its crypto market cap rankings a great spring cleansing, as previous giants fell and new tasks rose into the highest 100, 50, 20, and 10 rankings. A latest addition has been UNUS SED LEO [LEO], a token related to the Bitfinex ecosystem, which was the #20 largest crypto at press time.
Awake and A-lion
On the time of writing, LEO was buying and selling palms at $5.10 after rallying by 3.49% on 17 Could, however falling by 5.88% within the final week. Nonetheless, LEO’s every day rally put it in a minority amongst minorities because it spent the primary few hours of 18 Could within the inexperienced. So what’s occurring?
One reply could possibly be whales, who’re within the temper to gulp down lions. Knowledge from Santiment confirmed that one whale transaction price above $100k passed off on 17 Could. The final one to occur solely passed off on 12 Could. Shortly after this, LEO started to spike. The most certainly interpretation is that the whale was shopping for the dip.
Nonetheless, simply because whales are up doesn’t imply the sharks and minnows are following in scorching pursuit. Santiment revealed that LEO velocity had dropped again to 1 at press time, indicating a fall in dealer exercise.
But, an attention-grabbing reality to notice about LEO is that its provide on exchanges has been largely constant, with a short dip and restoration happening final on 13 April 2022.
Lastly, one metric that ought to deliver a variety of aid to buyers is weighted sentiment for LEO. Whereas buyers skilled a euphoric spike in late April which rapidly got here crashing down, the press time sentiment was destructive. It is a good signal for buyers who’re hoping that LEO’s rally will proceed, as a weighted sentiment of -0.749 implies that feelings are in test.