Crypto whales have been actively buying certain altcoins in the first week of October 2024, despite the overall downturn in the market. Among their top choices are Toncoin (TON), Ethereum (ETH), and Axie Infinity (AXS).
Toncoin (TON) has seen a 9% decline in price over the past seven days, reaching a weekly low of $5.16. However, this hasn’t deterred whales from accumulating the altcoin, as evidenced by a 1698% increase in their netflow. This indicates their long-term confidence in TON’s price growth.
Ethereum (ETH), the leading altcoin, has experienced a 10% decrease in value in the past week. However, this decline presents a buying opportunity, as indicated by its negative market value to realized value (MVRV) ratio. Ethereum whales holding between 10,000 and 10,000,000 ETH have added 200,000 ETH, valued at $476 million, to their portfolios.
Axie Infinity (AXS), the native token of the popular play-to-earn platform, has also caught the attention of crypto whales. Despite a 14% drop in price, the number of whale transactions involving AXS has steadily increased. This rise in large transactions may suggest a shift in market sentiment and an expectation of future price appreciation.
Overall, crypto whales continue to make strategic moves in the altcoin market, accumulating assets such as TON, ETH, and AXS despite the market’s volatility.