Despite the relatively volatile market, crypto whales have been splashing out on a number of altcoins this week. Their picks, according to analysis, show optimism that the broader market could soon see a significant recovery.
Below is a list of altcoins that whales bought in the second week of August 2024.
First on the list is Litecoin (LTC ), which was developed as a lighter version of Bitcoin. According to IntoTheBlock, the net inflow of large LTC holder has increased significantly over the past 7 days.
Net Flow of Large Holders tracks the activity of addresses holding 1% or more of the total circulating supply. A decrease in this number suggests that whales are distributing more coins than they are accumulating. Conversely, the recent increase in August 2024 suggests that whales are accumulating more LTC than they are selling.
Typically, when whales increase their holdings, it positively impacts the price of the underlying asset as it signals confidence in future price growth.
Net Flow of Major LTC Holder | Source: IntoTheBlock
Such is the case with Litecoin. Currently trading at $67.6, this price represents an 11% gain over the past week. If whales maintain their buying momentum in the coming week, LTC could extend its recent positive moves.
It may be surprising to see Polygon (Matic) among the altcoins being bought by whales, given its relatively lackluster performance compared to others 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, which have added to their holdings.
It appears that whales are buying Matic ahead of the upcoming migration from Matic to POL, scheduled for September 4. This anticipated transition is likely driving interest in the Token.
Polygon Supply Distribution | Source: Santiment
The long-awaited upgrade will see POL replace Matic and become the native gas on the Polygon network. Despite the massive accumulation, the price of Matic has not only failed to increase significantly, but has actually fallen by 4.5% this week.
Last on the list is AVAX, the native Token of the Avalanche smart contract blockchain. Similar to Litecoin, net inflows from large AVAX holders increased by 36%, indicating that whales are accumulating significant amounts of Token .
At the time of writing, AVAX price is down 5% over the past week. The decline may be related to the upcoming Token Lockup scheduled for August 19. Token Lockup unlocks typically increase circulating supply, leading to selling pressure and a temporary price drop.
Net inflow of large AVAX holder | Source: IntoTheBlock
However, if whales continue to accumulate after the unlock event, AVAX price could stabilize and recover.
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Minh Anh
According to Beincrypto
