The post Will the Telegram Coin Survive? appeared on BitcoinEthereumNews.com.

PAAL AI (PAAL), the Telegram coin developed on the Ethereum blockchain, has seen its price drop by 10% in 24 hours. At press time, it trades at $0.19. The price represents a 77.50% decrease from its all-time high in March. This on-chain analysis examines the factors responsible for the recent drawdown and its likely next movement. Crypto Whales Ditch PAAL AI BeInCrypto’s findings reveal that PAAL suffered from notable selling pressure due to the decision of one of its notable stakeholders. The investors involved in this decline are whales, a key cohort whose action and inaction can greatly influence prices. According to IntoTheBlock, PAAL AI’s large holders’ netflow dropped by 72% in the last seven days and has remained this way for the last 30 to 90 days. Large Holders’ netflow is the difference between their Inflow and Outflow. When this difference increases, it means that whales are accumulating more coins than they are distributing. In most cases, this rise in coins purchased foreshadows a price increase. However, a net negative in this regard suggests that distribution is higher. As this is the case with PAAL, the price extended its losses. Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners PAAL AI Large Holders Netflow. Source: IntoTheBlock If crypto whales keep on liquidating their PAAL holdings, the price may continue to decline. Beyond this selling pressure, on-chain data from Santiment shows a significant drop in the project’s network growth. Network growth measures the number of new addresses interacting with a cryptocurrency for the first time.  When this number increases, it implies an influx of new participants making their first successful transaction. However, a decrease suggests a drop point to a dearth in traction and lack of adoption.   PAAL AI Network Growth. Source: Santiment For PAAL AI, the recent decrease infers…

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Filed under: News - @ August 15, 2024 4:15 pm