Despite a relatively choppy market, crypto whales still splashed their cash on some altcoins this week. According to BeInCrypto’s analysis, their choices suggest optimism that the broader market could experience a substantial recovery soon.
Here is a list of the altcoins crypto whales bought in the second week of August 2024.
Litecoin (LTC)
First on the list is Litecoin (LTC), developed as a lighter version of Bitcoin (BTC). According to IntoTheBlock, LTC’s Large Holders Netflow saw a substantial increase over the last seven days.
Large Holders Netflow tracks the activity of addresses holding 1% or more of the total circulating supply. A decrease in this figure indicates that whales are distributing more coins than they are accumulating. Conversely, the recent increase in August 2024 suggests that crypto whales accumulated more LTC than they sold.
Typically, when whales increase their holdings, it positively impacts the price of the underlying asset as it signals confidence in future price growth.
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That has been the case with Litecoin. Currently trading at $65.50, this price marks an 8.82% increase over the past week. If crypto whales maintain their buying momentum into the coming week, LTC’s price could extend its recent gains.
Polygon (MATIC)
It might be surprising to see Polygon (MATIC) among the altcoins crypto whales buying, 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 balance of addresses holding 100,000 to 1 million tokens has increased, as has the balance of the 10 million to 100 million cohort, who also added to their holdings.
It seems crypto whales are buying into MATIC ahead of the upcoming migration from MATIC to POL, which is scheduled for September 4. This anticipated transition could be driving interest in the token.
The long-awaited upgrade will see POL replace MATIC and become the native gas on the aggregated Polygon network. Despite the large accumulation, the MATIC price failed to notice a significant increase, decreasing by 4.72% this week.
Avalanche (AVAX)
Last on the list is AVAX, the native token of the Avalanche smart contract blockchain. Similar to Litecoin, AVAX’s Large Holders Netflow saw a significant 36% increase, indicating that whales have accumulated a substantial amount of the token.
At press time, AVAX’s price has dropped by 3.18% in the last 24 hours. This decline could be tied to the upcoming token unlock scheduled for August 19. Token unlocks typically increase the circulating supply, which can lead to selling pressure and a temporary dip in price.
Read more: Which Are the Best Altcoins To Invest in August 2024?
However, if whales continue to accumulate the token after the unlock event, AVAX’s price could stabilize and potentially see a rebound.
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