Donald Trump’s victory in the US election on November 5 has boosted the overall crypto market, which is now in its third week of growth. Major altcoins have hit new highs, while smaller tokens have seen spikes in value, benefiting traders.
Large investors, known as whales, have also increased their accumulation of select assets. This week, their purchases included Dogecoin (DOGE), Ethereum (ETH) and Shiba Inu (SHIB).
Dogecoin (DOGE)
Dogecoin is one of the altcoins that crypto whales have been buying this week. However, the increase in net inflows from large holders during the analysis period confirms this. According to data from IntoTheBlock, this has spiked 112% in the last seven days.
Net Flow of Large Dogecoin Holders. Source: IntoTheBlock
Additionally, large holders refer to addresses that hold more than 0.1% of an asset’s circulating supply. Their net inflow tracks the difference between the coins they buy and the amount they sell in a given period. Therefore, when it increases, whale addresses buy more coins. This is a bullish sign that suggests the likelihood of a sustained rally.
Ethereum (ETH)
Ethereum is another crypto asset that has caught the attention of whales this week. This has occurred despite its consolidation between the $3,396 and $3,043 price range over the past 14 days.
BeInCrypto’s assessment of ETH supply distribution reveals that over the past seven days, whale addresses holding between 100,000 and 1 million ETH have accumulated an additional 380,000 ETH, valued at $1.27 billion at current market prices.
Ethereum Supply Distribution. Source: Santiment
The altcoin is trading at $3,342 at the time of writing. If whales continue to invest in this altcoin, its price could rise to $3,500 in the near term.
Shiba Inu (SHIB)
Shiba Inu whales also stood out this week. According to data from Santiment, as of November 14, addresses holding between 10,000 and 1 million SHIB accumulated a total balance of 127 billion tokens.
Shiba Inu Supply Distribution. Source: Santiment
At the time of writing, that number has risen to 129 billion SHIB. This means that this group of SHIB holders purchased 2 billion SHIB during the seven-day period under review. If the accumulation continues, the memecoin’s value could increase.
The article Why whales bought Doge and other altcoins this week appeared first on BeInCrypto Brasil.
