Crypto News- Big Crypto Investors Acquired These Altcoins in the Second Week of July 2024
Crypto News– Amidst the volatility of the broader market, recent data shows that crypto whales have strategically accumulated certain altcoins. Their actions carry significant weight in price movements and warrant close attention.
Here’s a brief overview of the altcoins these influential investors quietly acquired during the second week of July 2024.
Major Litecoin (LTC) Holders Move More Than Half of Market Capitalization
Crypto whales executed approximately $3.32 billion in Litecoin (LTC) transactions, as reported by IntoTheBlock. This substantial whale activity contributed to LTC’s price surge of 19.86% over the past seven days.
The transactions conducted by these whales accounted for more than 50% of Litecoin’s market capitalization, underscoring genuine interest in the token. Moreover, LTC outperformed several layer-1 projects in terms of this metric.
Currently, LTC is trading at $69.00. Continued large transactions could potentially drive up the cryptocurrency’s value in the coming days.
Did Bargain Prices Prompt Avalanche (AVAX) Whales to Buy?
Another notable token in this category is Avalanche (AVAX), recognized for its speed, scalability, and advancements in smart contract technology.
According to IntoTheBlock, large crypto holders, with holdings ranging from 100,000 to 10 million AVAX, have been steadily increasing their holdings since June. This accumulation trend persists as these investors capitalize on perceived discount prices for the altcoin.
At the time of writing, AVAX is trading at $25.21. Despite a 2.21% decrease in the last 24 hours, a 9.56% increase over the past seven days suggests the impact of these whales.
If these major investors sustain their buying activity in the coming week, AVAX could potentially rebound from its recent decline. However, if buying activity subsides, the price may consolidate in the near term.
Floki (FLOKI) holders with million-dollar portfolios have been increasing their holdings
Floki (FLOKI), the utility cryptocurrency within the Shiba Inu-inspired ecosystem, was among the altcoins targeted by crypto whales in the second week of July.
According to Santiment, addresses holding over 1 billion FLOKI tokens increased their holdings during this period. Such accumulation often signals potential price appreciation. Earlier in the week, FLOKI surged to $0.00015, but a recent 5.45% decline over the last 24 hours has brought the price back to $0.00014.
Besides these three tokens, BeInCrypto closely monitors recent whale activities, particularly within the Ethereum (ETH) ecosystem. According to LookIntoChain, whales are actively accumulating several tokens built on the Ethereum blockchain, such as Uniswap (UNI), Lido DAO Token (LDO), and Aave (AAVE).
This accumulation is likely driven by anticipation surrounding the upcoming launch of spot Ethereum ETFs. Continued whale activity could potentially lead to positive price reactions for these tokens once ETF trading commences.
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