After experiencing a significant drop in December 2023, there has been a notable increase in interest from whales in the Beam asset. Beam (BEAM) reached its lowest point on August 5, hitting $0.0106 for the first time since December 2023. However, following a market-wide recovery, the native token of the Beam network has emerged as the top gainer, experiencing a 12.2% surge in the past 24 hours.
At the time of writing, Beam is trading at $0.014 with a market cap of $700 million. The asset’s daily trading volume has seen a 130% increase, surpassing $23 million.
Data from Santiment reveals that there has been a significant rise in whale transactions involving BEAM tokens worth at least $100,000. In the past day, the number of these transactions has increased from 15 to 27.
The surge in whale activity around the Beam token began on August 5, coinciding with its price reaching a local bottom. Additionally, data from Santiment indicates that the accumulation of BEAM tokens on exchanges has also increased following the asset’s price recovery. Within the past 24 hours, over 162.6 million BEAM tokens have left exchanges, while 147 million tokens have entered.
While whale activity has increased, the number of daily active addresses for Beam has been consistently declining over the past week. On August 5, there were 647 active wallets, but this number has decreased to 290 at the time of reporting.
The heightened whale activity has led to an increase in the Beam Relative Strength Index (RSI), which currently stands at 72. This indicates that BEAM is overbought and suggests that a price correction may be expected.
It is important for investors to consider macroeconomic events, as they have the potential to rapidly change conditions in the cryptocurrency and stock markets. Furthermore, when there is a sudden increase in whale activity, on-chain data often indicates overheated conditions, as the price can be manipulated by large token holders.
In conclusion, the recent increase in whale interest and accumulation of Beam tokens suggests a potential bullish trend for the asset. However, investors should remain cautious and consider external factors that may impact the market.