Especially the prices of some altcoins have dropped below the lows seen in the November 2022 crash. This is forcing the whales to take action. Just as peaks are opportunities for selling, dip areas offer an opportunity in the opposite direction for those who can identify them. Of course, just like those who sell with the assumption of a peak, those who buy with the expectation of a dip may regret it by seeing higher prices.
Altcoins Acquired by Crypto Whales
This group of investors, who are relatively experienced in the sector, is closely followed by smaller crypto enthusiasts. It is transparent on-chain, and you can track what the whales are doing. The periods when they buy and sell are quite important as they can give us ideas about the current state of the market. Recently, whale movements for 3 altcoins have been attracting attention.
Polygon (MATIC)
MATIC‘s price saw an increase in whale buying pressure when it dropped to around $0.50, a historical low. The current price of $0.52 reflects a whale purchase of approximately $9 million. Since the price of BTC continues to stay above $26,500, the whales may continue their purchases.
Litecoin (LTC)
Litecoin‘s price was in a free fall before the halving event on August 2nd. With the halving event, short-term investors and miners continued to support the price decline. However, while LTC dropped to the 2023 low level at $58 this week, crypto whales did not miss the opportunity. According to the Santiment chart below, whales accumulated 55,000 LTC between September 11th and 14th.
ApeCoin (APE)
Considered among the favorite metaverse altcoins, APE has been busy making deeper dips for a long time. Those who bought after the airdrop experienced a great disappointment, and their losses continue to increase day by day. On the other hand, whales prevent the price from making deeper dips. Santiment data reveals that investors with Apecoin balances ranging from 1 million to 10 million increased their assets by an additional 4.65 million tokens collectively between September 10th and 14th.
The price is above the critical threshold of $1 and currently far from going to zero. The results of the Apecoin community’s recommendations in the coming days may affect the price movement. The overall market sentiment will also be decisive at this point.
