The cryptocurrency market surge following Donald Trump’s November 5 U.S. presidential election victory entered its third week. Increased trading activity pushed many major cryptocurrencies to all-time highs, while low-cap tokens also saw a surge in value, bringing significant profits to traders.
Cryptocurrency market ‘whales’ have also taken notice, increasing their accumulation of select assets. This week, their purchases include Dogecoin (DOGE), Ethereum (ETH), and Shiba Inu (SHIB).
Dogecoin (DOGE)
Dogecoin, the leading Meme Coin, is one of the altcoins that Crypto ‘whales’ have been buying this week. The spike in net inflows from large investors over the period under review confirms this. According to data from IntoTheBlock, this metric has increased by 112% over the past seven days.
Dogecoin Net Flow of Large Holders. Source: IntoTheBlock
These large investors refer to whale addresses that own more than 0.1% of an asset’s circulating supply. Their net flow tracks the difference between the number of coins they bought and the number they sold over a given period. When this metric increases, whale addresses are buying more coins. This is a positive sign that suggests a sustained price rally.
Ethereum (ETH)
Ethereum is another Crypto asset that has caught the attention of ‘whales’ this week. This is despite the coin remaining in the price range of $3,396 to $3,043 over the past 14 days.
TinTucBitcoin's review of ETH supply distribution reveals that, over the past seven days, whale addresses holding between 100k and 1 million ETH have accumulated an additional 380k ETH, valued at $1.27 billion at current market prices.
Ethereum Supply Allocation. Source: Santiment
At the time of writing, the altcoin is trading at $3,342. If ‘whales’ continue to pour money into the altcoin, the price could rise to nearly $3,500 in the near future.
Shiba Inu (SHIB)
Shiba Inu ‘whales’ have also been making an appearance this week. According to Santiment, as of November 14, the balance of addresses holding between 10,000 and 1 million SHIB was 127 billion SHIB.
Shiba Inu Supply Allocation. Source: Santiment
As of this writing, this figure has skyrocketed to 129 billion SHIB. This means that this group of SHIB holders has purchased 2 billion SHIB in the seven-day period under review. If the accumulation continues, the value of Meme Coin Coin could continue to rise.
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