2023 is nearing its end, and altcoins are racing to close at higher levels. Many cryptocurrencies have multiplied their prices by 2, 3, 4, or even 10 times in December. The excitement for investors is the expectation that the year 2024 will start off strong. While days and hours seem to pass slowly for investors, whales are taking advantage of the New Year holiday by accumulating these two cryptocurrencies.
LINK Coin on the Rise
After whales made purchases, the price of LINK Coin saw an increase of nearly 10%, reaching $16.25. Data from Spotonchain indicates that a whale wallet named 0x8ead withdrew 136,146 LINK worth $2.05 million from Binance today.
The platform also reports that over the last nine days, the whale accumulated a total of 348,007 LINK worth $5.58 million and moved it out.
Reserves of LINK Coin on centralized exchanges decreased by 175,090 tokens, and the weekly melt reached 400,000. We had mentioned that the expanding stake pool would lead to a significant increase in demand and that the potential for growth next year would be bought into.
The excitement in the RWA sector and the increasing benefits of LINK Coin suggest that LINK Coin could experience a real bull run next year.
MKR Coin Whale
The price of MAKER (MKR) Coin is also hovering around the $1,500 mark. The popular altcoin continued the day with an increase of nearly 8%, whereas it was at $1,355 at this time yesterday. A newly created wallet named 0xe68e withdrew 3,150 MKR Coins from Binance today. Considering that this accumulation of approximately $4.6 million is not negligible when the total volume on Binance is thought to be $12 million.
What’s exciting is that even a few million dollars’ worth of purchases can push altcoins to double-digit increases during this hype period due to a lack of market makers. We had been warning about the rapid rises/speculative movements that have been drawing attention since the middle of this year.
A negative net flow indicates a contraction in the supply of MKR Coin on centralized exchanges, which naturally suggests that the price may continue to rise. Investors have high expectations for 2024, and while everyone is anticipating an increase, the characteristic movement of crypto is significant drops. If we avoid one of those bad surprises, MRK Coin could see new highs in January 2024.
