Crypto Whales Are Betting Big on These 3 Altcoins

Amidst the volatile nature of the broader market, data reveals that crypto whales have been strategically purchasing certain altcoins. It is important to monitor the careful movement of these market participants, especially since they significantly influence prices.

Here’s a quick overview of the altcoins these big investors quietly scooped up in the second week of July 2024.

Litecoin (LTC) Whales Transact Over 50% of Market Cap

Crypto whales have processed approximately $3.32 billion worth of Litecoin (LTC), according to IntoTheBlock. This significant whale activity is one of the reasons why the price of LTC has increased by 19.86% in the last seven days.

In particular, the transaction whales involved were responsible for over 50% of the project’s market capitalization, indicating that interest in the token It is not artificial. In addition, the coin has surpassed a number of layer-1 projects in this regard.

Litecoin Large Transactions. Source: In the Block

Currently, LTC is trading at $69.00. However, if large transactions continue to rise, the value of the cryptocurrency may increase in the coming days.

Have low prices prompted Avalanche (AVAX) whales to buy?

Another token in this group is the token of Avalanche (AVAX), the project known for its speed, scalability, and smart contract development.

IntoTheBlock shows that crypto whales, who hold between 100,000 and 10 million AVAX, have been adding to their balances since June. Furthermore, the accumulation has not stopped, as they continue to purchase altcoins at perceived discounts.

To know more: Who owns the most Bitcoin in 2024?

Avalanche balance for participations. Source: In the Block

At press time, AVAX is trading at $25.21. While this is a 2.21% decline over the past 24 hours, the 9.56% increase over the past seven days indicates that the influence of these whales is being reflected.

If these large investors continue to purchase the token over the next week, AVAX could recover from his recent diveOtherwise, its price may consolidate for some time.

Floki (FLOKI) Stock Holders Worth Millions of Dollars Add to Portfolios

Floki (FLOKI), the utility cryptocurrency of the Shiba Inu-inspired ecosystem, is among the altcoins being purchased by crypto whales.

However, in the second week of July, Santiment data shows that addresses containing over 1 billion FLOKI were added more than the token on their balance.

When things like this happen, the expected consequence is a price increase. During the week, the price of FLOKI jumped to $0.00015, but a 5.45% drop in the last 24 hours means the price is back to $0.00014.

Distribution by Floki Supply. Source: Holiness

Aside from these three, BeInCrypto couldn’t keep its eyes off the recent activity of cryptocurrency whales, particularly in the Ethereum (ETH) ecosystem.

To know more: What are the best altcoins to invest in July 2024?

According to Lookonchain, whales are accumulating many tokens created on the Ethereum blockchain. Some of these include Uniswap (UNI), Lido DAO Token (LDO) and Ave (AAVE).

While there are others, the obvious reason is the upcoming launch of Ethereum spot ETFs. If this accumulation continues, the prices of these tokens could react positively to the development when trading goes live.

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 strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.

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