The second week of November 2024 saw a surge in crypto whale activity, with large-scale investors strategically accumulating key altcoins amid improving market conditions. As the crypto market experiences high volatility, these significant transactions could indicate a change in sentiment or predict better price performance.
Altcoins are attracting significant whale interest from established favorites to emerging tokens, highlighting the diverse strategies among high-net-worth investors. That said, the top altcoins crypto whales are buying include Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).
Dogecoin (DOGE)
Dogecoin is one of the altcoins that crypto whales have been buying this week. This development could be linked to the bullish sentiment surrounding the coin since Donald Trump approved Elon Musk's proposed Government Efficiency Department for the incoming US administration.
On November 8, the large holders grid line showed a negative number, indicating that whales were selling. This metric tracks the number of coins bought or sold by large investors. As of this writing, the same number has increased to 1.72 billion.
At Dogecoin's current price, this figure suggests that crypto whales have purchased approximately $636 million worth of DOGE this week. This accumulation has also affected the coin's value. Over the past seven days, DOGE's price has increased by 85%, surpassing XRP's market capitalization.
Dogecoin holds a large share of Netflow. Source: IntoTheBlock
If whales continue to buy, Dogecoin could rise above $0.37 in the coming week. If that doesn't happen, the cryptocurrency could remain range-bound and trade sideways.
Litecoin (LTC)
Litecoin is another altcoin that crypto whales have been buying this week. On November 11, 6.33 million LTC was held by addresses holding between 1 million and 10 million coins.
At press time, it had risen to 7.57 million, indicating that crypto whales had purchased around $106 million worth of Litecoin in the second week of November 2024. Like DOGE, the accumulation has also affected the value of the altcoin.
Litecoin price has increased by 20% over the past seven days and is currently trading at $85.87. If the whales’ accumulation continues, LTC could reach close to $100. On the other hand, if they decide to return to the sidelines, the price could fall.
Litecoin address balances. Source: Santiment
Ripple (XRP)
Finally, crypto whales have also been buying Ripple (XRP) in large volumes this week. This massive accumulation may be linked to Robinhood’s decision to list the token as the U.S. market seeks clarity on crypto regulation. Furthermore, speculation that SEC Chairman Gary Gensler may step down also fueled the accumulation.
For example, on November 12, XRP held by the 1 million to 10 cohort was 3.82 billion. On the same day, the 10 million to 100 million cohort held about 6.79 billion XRP. But at the time of writing, the numbers have increased to 3.97 billion and 6.95 billion, respectively. This means that crypto whales have purchased a total of 310 million tokens, worth about $267 million.
Ripple whale balance. Source: Santiment
As a result, the price of XRP has increased by 56% over the past week while trading at $0.87. If whales continue to pour money into it, the price could close at $1. Otherwise, it could experience a decline.
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