Amid the broader market’s choppy nature, data reveals that crypto whales strategically purchased some altcoins. The savvy movement of these market participants is important to monitor, especially as they greatly influence prices.
Here is a quick rundown of altcoins these big investors have quietly gathered in the second week of July 2024.
Litecoin (LTC) Whales Transact Over 50% of Market Cap
Crypto whales processed roughly $3.32 billion worth of Litecoin (LTC), according to IntoTheBlock. This significant whale activity is one of the reasons LTC’s price rallied by 19.86% in the last seven days.
Notably, the transaction whales involved were responsible for more than 50% of the project’s market capitalization, indicating that interest in the token is not artificial. Besides that, the coin outperformed a number of layer-1 projects in this regard.
Currently, LTC trades at $69.00. However, if large transactions continue to jump, the value of cryptocurrency may be higher in the coming days.
Did Low Prices Drive Avalanche (AVAX) Whales to Buy?
Another token in this group is the token of Avalanche (AVAX), the project known for its speed, scalability, and development of smart contracts.
IntoTheBlock shows that crypto whales, who hold between 100,000 and 10 million AVAX, have been loading their balances since June. Further, the accumulation has not stopped as they continue to purchase the altcoins at perceived discount prices.
Read More: Who Owns the Most Bitcoin in 2024?
At press time, AVAX trades at $25.21. Although this is a 2.21% decrease in the last 24 hours, the 9. 56% hike in the last seven days indicates that the influence of these whales is reflected.
If these large investors continue to buy the token through the coming week, AVAX may bounce back from its recent dive. If not, its price may consolidate for some time.
Floki (FLOKI) Million-Dollar Holders Top-Up Their Portfolio
Floki (FLOKI), the utility cryptocurrency of the Shiba Inu-inspired ecosystem, is part of the altcoins that crypto whales purchased.
However, in the second week of July, data from Santiment shows that addresses holding over 1 billion FLOKI added more of the token to their balance.
When things like this happen, the expected aftermath is a price increase. During the week, FLOKI’s price jumped to $0.00015, But a 5.45% decrease in the last 24 hours means the price is back to $0.00014.
Apart from these three, BeInCrypto could not take its eyes off the recent activity of crypto whales — particularly as it concerns the Ethereum (ETH) ecosystem.
Read More: Which Are the Best Altcoins To Invest in July 2024?
According to Lookonchain, whales are accumulating many tokens built on the Ethereum blockchain. Some of these include Uniswap (UNI), Lido DAO Token (LDO), and Aave (AAVE).
While there are others, the obvious reason is the forthcoming launch of the spot Ethereum ETFs. If this accumulation continues, prices of these tokens may react positively to the development when trading goes live.
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