In the cryptocurrency world, whales have been particularly active in purchasing a few altcoins within a certain price range. According to analyses, these purchases by whales suggest optimism for a potential market recovery in the future. Here is a list of altcoins that crypto whales bought in the second week of August 2024.
Current Status of Litecoin (LTC)
The first on the list is Litecoin (LTC), often referred to as the silver Bitcoin (BTC). According to data provided by IntoTheBlock, LTC’s Large Holders Netflow has significantly increased over the past seven days.
The Large Holders Netflow indicator tracks activities in addresses holding 1% or more of the circulating supply. A decline in this figure indicates that whales are selling more coins than they are accumulating. Contrary to this, the recent increase in August 2024 reflects that crypto whales are accumulating more LTC compared to their sales.
Generally, when whales increase their holdings, it can be interpreted as a positive expectation for future price increases, potentially having a favorable impact on the price. This was also the case for Litecoin. At the time of writing, it was trading at $67.64, indicating a 10.75% increase over a week. If purchases by crypto whales continue, the upward momentum may persist, potentially increasing LTC’s price.
Polygon (MATIC) Whales Take Action
Recently, Polygon (MATIC), which has been struggling and moving away from the $1 mark, has also caught the attention of whales, surprising market participants.
However, on-chain data provided by Santiment indicated that whales were indeed accumulating MATIC. There was an increase in the number of addresses holding between 100,000 and 1 million tokens, while the balance of the group holding between 10 million and 100 million also saw an increase.
Before the transition from MATIC to POL on September 4, whales seem to be buying the rumor by purchasing MATIC. After the upgrade, POL is expected to replace MATIC and serve as the native gas on the Polygon network. Despite the notable purchases by whales, MATIC’s price saw a 4.63% decline.
Avalanche (AVAX) Whale Purchases
The last on the list is Avalanche’s native token AVAX, once referred to as an Ethereum killer alongside Solana. Similar to Litecoin, AVAX also saw a significant 36% increase in its Large Holders Netflow, indicating substantial purchases by whales.
At the time of writing, AVAX’s price had increased by 1.53% over the past 24 hours, despite the upcoming token unlock expected on August 19. Although token unlocks generally increase supply and can lead to price drops, continued accumulation by whales could help AVAX settle into a more stable price range.
