Contrary to expectations, the crypto market has largely experienced consolidation since Donald Trump’s January 20 inauguration. Leading assets have remained range-bound, with little dramatic price movement.
Despite this, crypto whales have been accumulating specific altcoins, taking advantage of the relatively stable trading environment to position themselves for future gains. Among the top picks this week are Avalanche (AVAX), Dogecoin (DOGE), and Lido DAO (LDO).
Avalanche (AVAX)
Layer-one coin AVAX is among the top picks by crypto whales this week. This was evident from the triple-digit rise in its large holders’ netflow in the past seven days, which spiked by 151%, according to IntoTheBlock.
Large holders are whale addresses that own more than 0.1% of an asset’s circulating supply. An asset’s large holders’ netflow tracks the differences between the coins these whales buy and sell over a period of time.
When netflow rallies, it means that these whales are purchasing more coins. This is a bullish signal and suggests the likelihood of a price rally. If AVAX whales continue their accumulation, it may push the coin’s price toward $40.
Dogecoin (DOGE)
Leading meme coin DOGE is another altcoin that has caught the attention of the whales this week.
An analysis of Dogecoin’s supply distribution shows that whale addresses holding over 1 billion DOGE have accumulated a staggering 1.65 billion coins this week, valued at more than $569 million. This brings the cohort’s total holdings to 74.06 billion DOGE.
If these whales continue to buy the meme coin, its price could rally above the critical resistance formed at $0.40.
Lido DAO (LDO)
Lido DAO’s LDO also saw an uptick in whale activity this week. On-chain data shows that large investors holding between 1 million and 10 million tokens have accumulated 15 million LDO valued above $31 million this week.
If accumulation persists, the value of the liquid staking coin could rise to $2.26.
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Disclaimer
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