After Beam hit its lows in December 2023, whales showed increased interest in the asset and started accumulating it.
Beam (BEAM) dropped to $0.0106 on August 5 for the first time since December 2023. After a market-wide recovery, the native token of the Beam network emerged as the biggest gainer with a 12.2% surge in the past 24 hours.
Beam is trading at $0.014 with a market cap of $700 million at the time of writing. The asset’s daily trading volume has surged by 130%, crossing the $23 million mark.
According to data provided by Santiment, the number of whale transactions of BEAM tokens worth at least $100,000 has increased from 15 to 27 unique transactions over the past day.
The increased whale activity around Beam token started on August 5 when its price was at a local low.
Data from the market intelligence platform shows that BEAM accumulation from exchanges has also increased following the asset’s price recovery. According to Santiment, over 162.6 million BEAM tokens have left exchanges in the past 24 hours.
There are currently 147 million BEAM tokens on cryptocurrency exchanges.
According to Santiment, the number of daily active Beam addresses has been steadily declining over the past week — from 647 on August 5 to 290 active wallets at the time of reporting.
As a result of the increased whale activity, the BEAM RSI also rose to 72. The indicator shows that BEAM is in the overbought zone, and a price correction is expected.
When whale activity around an asset suddenly increases, on-chain data usually shows overheated conditions as the price is likely being manipulated by large token holders.
In addition, investors will need to pay attention to macroeconomic events, as they can suddenly and rapidly change cryptocurrency and stock market conditions.