Crypto News– May 2024 crypto whales: Despite the recent halving of Bitcoin (BTC) at the end of April, its price has shown relatively minor fluctuations. Consequently, institutional investors have shifted their focus to accumulating alternative cryptocurrencies, commonly referred to as altcoins. Their aim is to leverage the potential bullish trend that may unfold in the crypto market once Bitcoin’s value begins to climb.
May 2024 Crypto Whales’ Profit-Driven Asset Preferences
BeInCrypto conducted an analysis of three specific tokens that have captured the attention of these significant wallet holders the most.
Large Holders of Cardano (ADA) Increase Their ADA Holdings
Cardano has been witnessing a steady accumulation by large investors, often referred to as whales, since November 2023. Recently, there has been a notable surge in this accumulation, particularly in the last few days, as transactions exceeding $100,000, commonly associated with whale activity in the crypto market, have surged.
While this increased accumulation hasn’t directly resulted in a bullish price movement for Cardano, it does indicate growing interest from large investors. Despite comprising less than 10% of the total circulating supply, these whales play a significant role in determining daily trading volumes.
Therefore, the inclination of crypto whales towards Cardano could potentially benefit the altcoin in the long run.
Toncoin (TON) Enters the Ranks of Leading Cryptocurrencies
Toncoin recently made its way into the top ten cryptocurrencies, surpassing notable names like Shiba Inu and Cardano to claim the ninth position globally. This surge was triggered by news in March indicating that Telegram was exploring the possibility of an initial public offering (IPO).
Following this revelation, large investors, known as whales, swiftly entered the market to capitalize on any potential upward movement by accumulating TON tokens. This surge in activity is evident in the increased number of transactions valued at over $100,000 and transactions exceeding $1 million.
Over the past two months, Toncoin’s price has experienced a remarkable 238% surge, soaring from $2.14 to a peak of $7.24. However, the altcoin has since retraced to $5.35 as the market has cooled down following the recent rally.
Arbitrum (ARB) Whales Setting Sights on Profitable Ventures
Although Arbitrum’s price has been experiencing corrections for nearly two months, significant holders have been steadily increasing their ARB holdings. While this may suggest an effort to prevent further price declines, crypto whales appear to be strategically timing their accumulation with an eye towards selling at opportune moments.
The anticipation of a post-BTC halving rally was a major catalyst for whale accumulation. However, these investors may also be gearing up to capitalize on profits ahead of the upcoming token unlock scheduled for May 16. With over 3.5% of the circulating supply, equivalent to approximately $100 million, set to enter the market, whales are poised to make strategic moves.
Over the past few weeks, transactions exceeding $100,000 and $1 million have remained consistently high. This sustained accumulation may act as a buffer, potentially preventing Arbitrum’s price from dipping below $1.00.
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