In the cryptocurrency market, whales' purchases of certain altcoins are drawing attention and are considered a positive sign that the market may recover in the future. Litecoin (LTC), Polygon (MATIC) and Avalanche (AVAX) stand out among the altcoins that whales showed particular interest in in the second week of August 2024.
Litecoin is a major altcoin on the whales’ radar. According to IntoTheBlock data, LTC’s Large Holders Netflow has increased significantly over the past seven days. This increase indicates that whales are accumulating LTC and expecting a price increase in the future. Continued buying by crypto whales could lead to an increase in the Litecoin price. Currently, LTC is trading at $67.64, representing a 10.75% increase in the past week. If whales continue to buy, further increases in the Litecoin price could be observed.
Polygon (MATIC) continues to attract whales’ attention despite going through a difficult period recently. According to data provided by Santiment, whales are accumulating MATIC. While there was an increase in the number of addresses holding 100,000 to 1 million tokens, there was a similar increase in addresses holding 10 million to 100 million tokens. The fact that the transition from MATIC to POL will start on September 4 may have increased whales’ interest in this altcoin. However, despite these remarkable purchases, the MATIC price fell by 4.63%. POL is expected to replace MATIC after the transition process.
Avalanche (AVAX) stands out as another altcoin that whales have been buying significantly. A 36% increase was observed in its Large Holders Netflow, indicating that whales are accumulating AVAX. Currently, AVAX has gained 1.53% in the last 24 hours. The token unlock expected to take place on August 19th can usually lead to an increase in supply and a price drop. However, continued purchases by whales could help AVAX settle into a more stable price zone after this period.
Purchases by big whales often reflect expectations of future price increases.
Whale movements are an important indicator for understanding the general trend of the market.
Large purchases, especially in certain altcoins, can lead to positive price movements in the short term.
Tracking the movements of crypto whales is critical to understanding market trends and determining investment strategies. Recent whale movements on Litecoin, Polygon, and Avalanche offer clues about possible future price increases in these altcoins.
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