What Crypto Whales Are Buying for Potential Gains in July 2024
As June comes to a close and the market gears up for a potential launch of a Spot Ethereum ETF in July, crypto whales are making some interesting purchases in anticipation of potential gains. Some of the assets they are accumulating include Lido (LDO), Aave (AAVE), and Toncoin (TON).
Lido (LDO) has caught the attention of whales, as it is the governance token of Lido Finance, Ethereum’s largest liquid staking protocol. With a current trading price of $2.41, LDO has been experiencing an uptrend in the past week. Whales are accumulating LDO in anticipation of a price surge once the spot ETH ETFs are launched. The number of LDO whales holding between 1,000,000 and 100,000,000 tokens has increased by 2% in the last week, with a total of 114 investors in this cohort.
Aave (AAVE), the governance token of Aave, a popular decentralized crypto lending platform, has seen a spike in large transaction volume. The daily count of AAVE transactions valued between $10,000 and $100,000 has surged by 128% in the past month, while transactions valued between $100,000 and $1 million have increased by 186% during the same period. This increase in transaction volume indicates heightened interest and activity from large holders, suggesting confidence in the asset’s future performance. AAVE currently trades at $93.01, with its price above its 20-day Exponential Moving Average, signaling bullish sentiment.
Toncoin (TON), the cryptocurrency associated with the messaging app Telegram, has experienced a significant climb of 19% in the past 30 days, reaching an all-time high of $8.24 on June 15. As of now, TON is trading at $7.59. With further rallies expected, TON’s whales have been increasing their accumulation. On-chain data indicates that the number of TON investors holding between 10,000,000 and 100,000,000 tokens has risen by 12% in the past month, with a total of 7,319 addresses in this cohort.
Overall, crypto whales are strategically accumulating Lido (LDO), Aave (AAVE), and Toncoin (TON) in preparation for potential gains in July 2024. These purchases indicate their belief in the future performance of these assets and their anticipation of positive market developments.