Which Altcoins Are Attracting Whale Attention in the Crypto Market?
The volatility in the cryptocurrency markets continues, and <a href="https://en.coin-turk.com/bitcoin-price-surges-despite-bear-market-what-the-data-shows/”>Bitcoin has once again surpassed $37,400. This indicates the justified direction of the whales. If the daily closing remains at current levels, the continuation of the uptrend in the markets is expected. Following the recent correction, the BTC price has returned to its yearly high, which is promising for altcoins. So, which altcoins are attracting attention?
Altcoins That Whales Are Buying
Investors with large capital in the crypto market are referred to as whales, and the positions they take can influence the markets. This group, which is relatively more experienced, can take positions with higher success rates. So, which cryptocurrencies attracted attention with whale interest this week?
FTT Coin
The token of the bankrupt cryptocurrency exchange FTX, FTT, has experienced an increase of over 100%. The reason behind this impressive performance was the discussions of the bankruptcy committee with three buyers regarding the relaunch plans of the exchange. Additionally, the neutral response given by Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), regarding a possible takeover, further increased whale interest. Gensler stated that this could be possible within the framework of the law. However, there are many legal issues that need to be overcome, and we should not ignore the questions about whether FTT Token will continue to exist on the exchange. For now, let’s focus on the speculative demand, as we have examined this issue in detail.
The chart below shows that after Gensler’s comments on November 9, whales conducted 95 major transactions the next day. The increasing price and increasing whale activity are interpreted as buying, and according to IntoTheBlock data, whales reached the peak in terms of transaction intensity in 2023.
XRP Coin
The fake BlackRock news took the price to a local peak and then plunged from the top. Although the rapid decline is surprising, XRP Coin whales increased their balances by $60 million between November 12 and November 15. The price fluctuation does not seem to have hindered the demand.
APE Coin
Although most investors may have forgotten, there is still a metaverse altcoin called APE Coin, which is being traded on the Binance exchange. It generated a lot of hype when it was launched because it was supported by the largest player in the NFT field, creating big dreams. Then, as NFT volumes eroded by over 90%, NFT giants also shrank, and APE Coin was forgotten.
However, whales haven’t forgotten about it. Santiment data reveals that investors with balances between 1 million and 10 million APE Coins increased their holdings by 10 million tokens between October 26 and November 10.
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