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As of this writing, the king cryptocurrency is holding above the $30,000 threshold, and buyers are strong. However, it is too early to celebrate unless the $31,000 level is confirmed as support. Will it happen? There’s a strong group that believes it will, looking at the whales’ altcoin movements. So, which altcoins are they accumulating?
Bitcoin Cash (BCH)
Bitcoin Cash (BCH), one of the biggest earners among altcoins today, has gained 25% in the last seven days. This rise stems from the SEC’s view of the most critical Proof of Stake networks as securities. Another significant reason is being one of the four cryptocurrencies listed by EDX Markets.
The decentralized nature of Bitcoin Cash has caught the attention of crypto whales. The Santiment graph below shows how whales holding between 1 million and 10 million BCH coins have increased their assets three days in a row.
Between June 18 and June 21, whales bought about 20,000 coins worth approximately $2.64 million.
PEPE Coin
The double-digit price increase was motivating. After a lackluster performance in May 2023, whale investors in the PEPE ecosystem are making a comeback. Last week, whales significantly increased their trading activity. The graph below shows how the PEPE Whale Transaction Count rose from 9 on June 18 to 22 large transactions recorded at the close on June 20.
All in just three trading days. If they can maintain their current motivations, whales can drive the price even higher.
Render Token
After the announcement at the beginning of the year, the price kept increasing. The recent BTC rally also saw an opportunity for whales. Artificial Intelligence has rapidly begun to occupy the headlines of the crypto media in recent months, and with NVIDA shares rising, bulls opened the upward mode for Render, which rents GPU sources. Santiment data reveals that crypto whales with a balance of 1 million to 10 million RNDR have collectively increased their assets by another 3.9 million tokens.
Whales, who bought about $4 million at the current market price of $2.30, show their confidence in the price. The whale interest in all three altcoins could attract more individual investors’ attention.
