- Santiment revealed in an X post today that more INJ, CRV, SUSHI, ELF, BICO, and REEF have moved into self-custody.
- According to the post, tokens getting transferred off of exchanges has historically been a positive sign.
- At press time, almost all of the cryptocurrencies included in Santiment’s post had achieved 24-hour gains.
The blockchain intelligence platform Santiment revealed in an X post today that the supplies of several cryptocurrencies have been transferred off of exchanges. More specifically, the platform noted that SuhshiSwap (SUSHI), Reef (REEF), aelf (ELF), Biconomy (BICO), Curve Dao Token (CRV), and Injective (INJ) have seen more of their supplies shift into self custody.
According to the post, this uptick in transfers to off of exchanges has historically been an early indication of potential price increases. This is mainly due to the fact that tokens being transferred into self-custody reduces the risk of future selloffs. Meanwhile, CoinMarketCap indicated that almost all of these cryptocurrencies recorded 24-hour gains.
At press time, SUSHI was trading hands at $0.5887 after it gained 0.09% throughout the past day of trading. This was a slight retracement in the altcoin’s price after it was able to establish a 24-hour high of $0.5954. REEF, on the other hand, was the only cryptocurrency mentioned in Santiment’s post today that experienced a loss, and was down 1.11% to trade at $0.001306.
Similar to SUSHI, ELF recorded a gain during the previous 24 hours and was up 0.37%. Subsequently, the cryptocurrency’s price stood at $0.365 at press time. Meanwhile, BICO was one of the biggest gainers of the cryptocurrencies included in Santiment’s list. CoinMarketCap data indicated that BICO was valued at $0.2098 after it posted a 24-hour gain of more than 2%.
The leader in terms of 24-hour performance, CRV, was up 2.22% at press time. As a result, the altcoin’s price stood at $0.5176. Last but not least, INJ’s price rose 0.83% over the past 24 hours. This recent gain elevated the altcoin’s value to above $7 to $7.03 at press time.
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