In the second week of November 2024, the volatility in the cryptocurrency market increased, and large-scale investors strategically accumulated major altcoins as the market situation improved, leading to increased activity by whales. Such large-scale transactions may indicate market sentiment or expectations for price performance improvement.
Altcoins are receiving significant attention from high-net-worth investors with various strategies, ranging from popular coins to emerging tokens. The major altcoins purchased by whales this week include Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).
Dogecoin (DOGE)
Dogecoin is one of the altcoins that whales have purchased this week. This development may be associated with Donald Trump's approval of Elon Musk's proposal.
On November 8th, the net inflow of large holders turned negative, indicating that whales have sold. This metric tracks the number of coins purchased or sold by large investors. Currently, this metric has increased to 172 million.
At the current Dogecoin price, this figure suggests that whales have purchased approximately $636 million worth of Dogecoin this week. This accumulation has also impacted the coin's value. Over the past 7 days, the price of Dogecoin has surged by 85%, surpassing the market capitalization of XRP.
If whales continue to accumulate, Dogecoin could surpass $0.37 next week. Otherwise, the cryptocurrency may trade within a range.
Litecoin (LTC)
Litecoin is another altcoin that whales have purchased this week. On November 11th, addresses holding between 1 million and 10 million coins held 6.33 million LTC.
At the current time, this has increased to 7.57 million, indicating that whales have purchased approximately $106 million worth of Litecoin in the second week of November 2024. Similar to Dogecoin, this accumulation has also impacted the value of the altcoin.
Over the past 7 days, the price of Litecoin has increased by 20%, currently trading at $85.87. If whales continue their accumulation, LTC could approach $100. However, if they return to a neutral stance, the price may decline.
Ripple (XRP)
Finally, whales have also heavily purchased Ripple (XRP) this week. This large-scale accumulation may be connected to Robinhood's decision to list the token and the U.S. market's pursuit of regulatory clarity for cryptocurrencies. Additionally, speculation about the potential resignation of SEC Chairman Gary Gensler may have also facilitated the accumulation.
For example, on November 12th, the 1 million to 10 million cohort held 382 million XRP, and the 10 million to 100 million cohort held approximately 679 million XRP. However, at the time of writing, these have increased to 397 million and 695 million, respectively. This indicates that whales have purchased approximately 31 million tokens, valued at around $267 million.
As a result, the price of XRP has surged by 56% over the past week, trading at $0.87. If whales continue to invest, the price could approach $1. However, if they return to a neutral stance, the price may decline.
