Crypto Whales Show Interest in These Altcoins in the Second Week of August 2024
Despite market volatility, crypto whales have made significant purchases of altcoins this week, indicating their optimism for a potential market recovery. Their choices reflect their confidence in the future growth of the broader market. Here are the altcoins that crypto whales have bought:
1. Litecoin (LTC): Whales have been accumulating LTC, a lighter version of Bitcoin, as indicated by the increase in LTC’s Large Holders Netflow over the past seven days. This suggests that these whales have acquired more LTC than they have sold. This accumulation has positively impacted LTC’s price, which has increased by 8.82% to $65.50. If this buying trend continues, LTC’s price may continue to rise.
2. Polygon (MATIC): Despite its relatively lackluster performance compared to other altcoins, on-chain data confirms that whales have been accumulating MATIC. The balance of addresses holding significant amounts of MATIC has increased, indicating strong interest from whales. This increased accumulation may be driven by the upcoming migration from MATIC to POL, scheduled for September 4. Despite the accumulation, the price of MATIC has decreased by 4.72% this week.
3. Avalanche (AVAX): Whales have also shown interest in AVAX, the native token of the Avalanche smart contract blockchain. AVAX’s Large Holders Netflow has witnessed a substantial 36% increase, implying that whales have accumulated a significant amount of the token. Despite a recent 3.18% price drop, this may be attributed to an upcoming token unlock event scheduled for August 19. If whales continue accumulating AVAX after the unlock, its price could stabilize and potentially rebound.
Crypto whales’ buying patterns in these altcoins indicate their belief in the potential growth of these assets and the wider crypto market.