Whales have been buying large amounts of Dogecoin (DOGE), Injective (INJ), and PAAL AI (PAAL), highlighting the growing interest in these altcoins. The number of DOGE whale addresses increased from 660 to 671 over the past week.
INJ has also been accumulating with new whales, with the number of large addresses steadily increasing. Meanwhile, PAAL has been driven by the crypto AI narrative.
Dogecoin ($DOGE)
The number of addresses holding between 10 million and 100 million $DOGE increased from 660 on December 20 to 671 on December 26, reflecting a continued accumulation trend by whales. This growth coincided with a 5% increase in DOGE price over those 7 days, bringing its market capitalization to nearly $47 billion.
The steady increase in the number of large holders highlights interest from mainstream market participants. This is likely to support the token’s price stability.
However, Dogecoin’s 24-hour trading volume has dropped by 7.5%, indicating a decrease in immediate market activity. However, the continued accumulation activity of whales demonstrates sustained confidence in the asset, potentially laying the groundwork for a bullish scenario in the future.
If the accumulation trend continues, $DOGE could sustain its upward momentum, but caution is warranted as volume declines. The reduced trading activity will limit short-term price volatility.
Injective ($INJ)
After a period of inactivity, whales continued to accumulate $INJ since December 19.
The number of addresses holding between 100,000 and 1,000,000 INJ increased from 40 to 43, while the number holding between 10,000 and 100,000 increased from 84 to 90 over the same period.
INJ price has increased by 6% over the same period, recently reaching a market capitalization of $2 billion. Increased whale activity indicates confidence from large investors, which is likely to support the token's bullish momentum.
The accumulation trend could act as a positive signal for INJ price in the short term, consolidating recent performance and attracting further market attention.
PAAL AI ($PAAL)
Whales who bought $PAAL AI benefited from the growing interest in projects at the intersection of crypto and artificial intelligence. This happened when the price of PAAL increased by 94% in 30 days. The number of wallets holding between 100,000 and 1,000,000 PAAL increased from 477 on December 19 to 490, and this number has been stable for the past two days.
Despite the significant price increase, the stable wallet count suggests that investors are holding onto their positions rather than selling as the price increases. This may reflect confidence in PAAL’s further upside potential.
However, the stable wallet activity also signals that the token may be entering a consolidation phase, as market participants await the next catalyst to determine its short-term direction.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own due diligence before making any decisions. We are not responsible for your investment decisions.