[Cryptocurrency Whale Buying of the Week] AAVE, ADA, AVAX

Investors often monitor the buying patterns of large investors who can significantly impact market prices. The first week of November 2024 was no exception, as whales have poured substantial funds into several altcoins. In this analysis, BeInCrypto examines the altcoins that have received these significant investments and why the whales are purchasing them. The top three are Aave (AAVE), Cardano (ADA), and Avalanche (AVAX). Aave Aave is the native token of the decentralized lending platform Aave, and it is one of the altcoins that crypto whales have purchased this week. This trend is closely linked to Donald Trump's recent electoral victory and his use of the protocol to launch a cryptocurrency project, which has increased interest in Aave and other DeFi tokens. According to data from IntoTheBlock, the net inflow of Aave's large holders has surged by over 1,000% in the past 7 days, indicating substantial whale accumulation outpacing sales. This influx of whales has also had a positive impact on Aave's price, reinforcing the importance of buying power in the market. Cardano Cardano is another altcoin that crypto whales have purchased this week. According to sentiment, the balance of addresses holding between 1 million and 10 million ADA was 2.83 billion on October 31. Today, that figure has increased to 2.96 billion, meaning crypto whales have purchased 130 million ADA this week, equivalent to $55.9 million at the current altcoin price. This purchase has resulted in a 25.31% increase in ADA's price over the past 7 days, making it the best-performing altcoin among the top 10 cryptocurrencies. If whales continue to accumulate more tokens, the price of ADA can continue to rise. Otherwise, the value of the altcoin may decrease. Avalanche The final altcoin on the list of those purchased by crypto whales is Avalanche (AVAX). On November 6, the net inflow of AVAX's large holders was -85,700, indicating that whales had sold a significant amount of the altcoin. However, the situation changed when reports emerged that BlackRock could launch a tokenized fund on the Avalanche blockchain, and whales began to purchase the token. At the time of writing, the net inflow of large holders is 533,580, meaning these stakeholders have purchased around $15 million worth of tokens. This accumulation has also impacted the price of AVAX, which has risen by 12% this week to $28.2. Therefore, if this altcoin continues to see such accumulation, its price may rise further. Otherwise, the price may undergo a correction or decline.