Despite the volatile market, crypto whales have been pouring money into a number of altcoins this week. Their choices show optimism that the broader market could soon make a significant recovery.
Here is a list of altcoins that crypto whales bought in the second week of August 2024.
Litecoin (LTC)
According to IntoTheBlock, Litecoin Large Holders Netflow has increased significantly over the past seven days.
Large Holders Netflow tracks the activity of addresses holding 1% or more of the total circulating supply. The decline in this metric suggests that whales are distributing more coins than accumulating. Conversely, the recent increase in the metric in August 2024 suggests that crypto whales have been accumulating more LTC than selling.
Typically, when whales increase their holdings, this positively impacts the price of the underlying asset as it signals confidence in future price growth.
Such is the case with Litecoin. Currently trading at $65.50, this price marks an 8.82% increase over the past week. If crypto bulls maintain their buying momentum in the coming week, LTC could extend its recent gains.
Polygon (Matic)
You might be surprised to see Polygon (Matic) among the altcoins being bought by major crypto investors, as its performance has been quite poor compared to other altcoins in the same category.
However, on chain data from Santiment confirms that whales have indeed been accumulating Matic. The balances of addresses holding 100,000 to 1 million Token have increased, as have the balances of the 10 million to 100 million group, who have also added to their holdings.
It appears that crypto whale investors are buying Matic ahead of the upcoming migration from Matic to POL, scheduled to take place on September 4. This anticipated transition could boost interest in the Token .
The long-awaited upgrade will see POL replace Matic and become the native gas on the Polygon aggregate network. Despite the massive accumulation, Matic price has not seen significant gains, down 4.72% this week.
Avalanche (AVAX)
Last on the list is AVAX, the native Token of the Avalanche smart contract blockchain. Similar to Litecoin, AVAX ’s Large Holders Netflow saw a significant increase of 36%, suggesting that whales have accumulated a significant amount of Token .
At the time of writing, the price of AVAX has dropped 3.18% over the past 24 hours. This drop may be related to the upcoming Token Lockup unlock scheduled for August 19. Token Lockup unlocks typically increase the circulating supply, which can lead to selling pressure and a temporary price drop.
However, if whales continue to accumulate Token after the unlock event, AVAX price could stabilize and potentially recover.
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