Large-scale investors, popularly referred to as crypto whales, made strategic moves by buying select altcoins in the second week of October 2024. In most cases, accumulating these altcoins signal confidence in the short-term potential of the assets.
In this analysis, BeInCrypto highlights the top three altcoins whales bought. They include Wormhole (W), Arbitrum (ARB), and Polygon (POL).
Wormhole (W)
W, the token of the leading interoperability platform Wormhole, tops the list of altcoins crypto whales bought this week. According to IntoTheBlock, the large holders’ netflow increased by over 950% this week.
Large holders’ netflow looks at the activity of addresses holding at least 1% of a cryptocurrency’s circulating supply. When it decreases, it means whales sold more coins than they bought. An increase, on the other hand, suggests that they accumulated more, which is the case with Wormhole.
Currently, W’s price is $0.30. About seven days ago, the altcoin’s price neared $0.40 after South Korean exchange Upbit listed it.
Read more: 10 Best Altcoin Exchanges In 2024
With the price down from that point, crypto whales might be able to save it from another decline. But that would only be the case if accumulation continues instead of distribution. But if it is the other way around, W’s price might sink to a new monthly low.
Arbitrum (ARB)
Arbitrum (ARB) is another altcoin that crypto whales bought in the second week of October 2024. On October 10, the number of tokens held by addresses who own between 100 million and 1 billion ARB was 1.43 billion.
Today, the figure has risen to 1.53 billion, indicating that Arbitrum whales accumulated 100 million tokens within the last 24 hours. Arbitrum’s price is currently $0.53, meaning that the value of tokens purchased amounts to $53 million.
This development signifies growing confidence in Arbitrum even though the price is still 77% down from its all-time high. Should whales continue to buy, then ARB’s price might increase much higher than the current value. If not, the token’s price might keep hovering around $0.53 or trade lower.
Polygon (POL)
POL, previously known as MATIC, is the last on the list of altcoins crypto whales bought. Since its transition from MATIC to POL, the price of the Polygon native token has continued to decline, leaving only 1% of its holders in profit.
However, according to IntoTheBlock, the large holders’ netflow went from 4.71 million on October 8 to 47.36 million one day later, indicating that whales added ten times their previous holdings to their portfolio.
Read more: Which Are the Best Altcoins to Invest in October 2024?
While that figure may have decreased, the decision appears to be vital to POL’s price action. If sustained, crypto whales might be able to steer the price well above $0.37. Still, this does not guarantee a sustained uptick, especially as whales can stop buying at any time.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
