Despite the volatile market, crypto whales have been spending heavily on several altcoins this week. According to analysis, their choices show optimism that the market could soon recover strongly.
Below is a list of altcoins bought by crypto whales in the second week of August 2024.
Litecoin (LTC)
First on the list is Litecoin (LTC), which was developed as a lighter version of Bitcoin (BTC). According to IntoTheBlock, the net inflow of large investors into LTC has increased significantly over the past seven days.
Net flows from large investors track the activity of addresses holding 1% or more of the total circulating supply. The recent surge in August 2024 suggests that whales have been accumulating more LTC than they are selling.
Typically, when whales increase their holdings, this positively affects the price of the underlying asset as it shows confidence in future price growth.
Litecoin Large Holders Netflow. Source: IntoTheBlock
Litecoin is currently trading at $65.50, up 8.82% from last week. If whales continue to maintain their buying momentum next week, LTC price could continue to rise.
Polygon (Matic)
Surprisingly, Polygon (Matic) is also among the altcoins being bought by whales, although its performance is not as impressive as others in its class.
However, on-chain data from Santiment confirms that whales have indeed been accumulating Matic. The number of addresses holding between 100,000 and 1 million Token has increased, as has the number of addresses holding between 10 million and 100 million Token.
Whales appear to be buying Matic ahead of the switch from Matic to POL, scheduled for September 4. This upgrade will replace Matic with POL and become the primary gas on the Polygon network.
Polygon Supply Distribution . Source: Santiment
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, the net inflow of large investors into AVAX increased by 36%, indicating that whales have been accumulating a large amount of the 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 event on August 19. This event typically increases the circulating supply, leading to selling pressure and a temporary price drop.
Avalanche Large Holders Netflow. Source: IntoTheBlock
However, if whales continue to accumulate Token after the unlock event, AVAX price could stabilize and potentially recover.
