Are Ankr Protocol’s long-term holders back to take their cut in the market

• Several ANKR dormant addresses began transferring the token to exchange after a recent value hike.
• Investors sentiment has decreased but circulation remains high.

Holders of Ankr Protocol [ANKR] might have regained the confidence of active participation in the crypto as some of the token’s dormant addresses reactivated their wallets.

According to Lookonchain, a two-year dormancy whale address who bought the token in 2019 and 2020 transferred back to the exchange. 

A whale that has been dormant for nearly 2 years transferred 66M $ANKR ($2.8M) to #Binance 1 hour ago.

The whale’s $ANKR was received from #Binance in July 2019 and September 2020, when the price was $0.0065.https://t.co/lqd1VDyOk0 pic.twitter.com/EG3jl7dXsx

— Lookonchain (@lookonchain) February 27, 2023

Read Ankr Protocol’s [ANKR] Price Prediction 2023-2024

Details from the transaction showed that the whale’s long-term hold yielded gains. 

Dormancy following the same path

An evaluation of on-chain data showed that more dormant addresses also followed the same path. According to Santiment, the 180-day dormant circulation was 86.04 million. These reactivations have come on the back of Ankr Protocol’s collaboration with Microsoft on 21 February.

The outcome of the ANKR surge last week still seemed to be obvious in the portfolio for the token holders.

This was because the Market Value to Realized Value (MVRV) ratio increased to -4.592%. Surely, the 31.16% price uptick in the last seven days and the 11.46% volume rise in the last 24 hours contributed to the rise.

The metric compares the realized and market capitalization while revealing unrealized profit and loss and an asset’s possible valuation.

Nonetheless, it was likely that ANKR was still undervalued since the ratio remained negative.

Source: Santiment

During the period that the project announced its Microsoft and zkSync partnership, investors’ optimism was at its peak. However, the enthusiasm seems to have declined. At the time of writing, the ANKR weighted sentiment which was 7.013 on 21 February had incredibly decreased to -0.25.

Concerning circulation, ANKR has sustained the momentum from the previous week. At press time, the seven-day circulation was up to 1.48 billion.

This implied that the number of unique ANKR tokens transacted on exchanges and out of exchanges had significantly improved within the aforementioned period.

Source: Santiment

How much are 1,10,100 ANKRs worth today?

Active addresses on sight as gains stay put

Although direct participation on the protocol’s network had declined, data from Santiment revealed that the 30-day active addresses were still at an impeccable crest. The metric indicates the level of speculation and crowd interaction regarding a token.

So, both sending and receiving transactions by holders of the token were part of the highest among most of the cryptocurrencies. 

As such, the daily on-chain transaction volume in profit was 314.27 million. On other hand, the daily on-chain transaction volume in the loss was 270.1 million.

Hence, the decline in the ANKR price had not necessarily affected holders who had not exited their positions.

Source: Santiment