Despite the mixed dynamics of the crypto market this week, a number of #Altcoinsđđ attracted the attention of cryptocurrency whales.
Immutable (IMX), Pendle (PENDLE), and Injective (INJ) were among the tokens that were actively bought up by large investors.
Immutable ($IMX
)
Immutable (IMX), the native token of the Ethereum-based Tier 2 scaling solution, was the top cryptocurrency pick this week.
According to IntoTheBlock, the net inflow of IMX held by large investors rose from 288,177 tokens to 16.02 million.At the current price of $1.44, this inflow is valued at around $22.62 million.This heavy accumulation could be attributed to the upcoming split that will take place in a few days.
Despite the active buying, the price of IMX has fallen 5% over the past seven days. However, if the whales continue to accumulate assets, the altcoin has chances for a quick recovery.
Injective ($INJ
)
Injective is also on the list of altcoins that whales have been actively buying up. According to Santiment, the number of INJs held at addresses with balances between 10 million and 100 million coins has grown from 80.49 million to 80.70 million. The surge in interest in the token may be related to Injective's possible affiliation with ASI.
Nevertheless, Injective did not manage to avoid a correction: the asset price fell by 7% over the same period of time.
Pendle ($PENDLE
).
Unlike IMX and INJ, PENDLE added 8% to its price over the week. The net inflow of large holders during the same time period amounted to 1.16 million tokens worth about $5.42 million.
While the exact reason for the whales' interest is unknown, their activity may indicate confidence in the price as PENDLE is trading 37% below its all-time high.