In the cryptocurrency market, “whales,” known as large investors, often shape the direction of the industry with their decisions. As reported by The Bit Journal, altcoins that catch the attention of whales usually see significant gains during bull markets, while those they sell off experience declines. Recently, Injective (INJ), Render (RENDER), and Polygon (POL) have attracted the interest of whales. But what does the future hold for these three altcoins under whale scrutiny? Here are the details…
Why Are Whales Focusing on These Three Altcoins?
Experts at Santiment have analyzed why whales are showing interest in these three altcoins. The researchers discovered that these cryptocurrencies have been moved off exchanges and into whale wallets, which has led to price anomalies. They pointed out that these transfers could signal potential opportunities in the market.
Whales Stocked Up on These Three Altcoins in August!
These movements are likely to reduce selling pressure in the market. Investors believe that whales withdrawing these crypto assets from exchanges could present long-term growth opportunities. As a result, this shift in market balance might signal positive changes for investors.
Altcoins such as Injective (INJ), Render (RENDER), and Polygon (MATIC) are among several that saw plenty of price anomalies after whale exchange wallet supply suddenly shifted to whale cold wallet supply. These anomalies are fantastic as both short & long term signals. pic.twitter.com/3oY4URcAb7
— Santiment (@santimentfeed) September 16, 2024
Historical Whale Movements in Altcoins
According to Santiment data, INJ whales made their largest withdrawals on August 21, 2023. Similarly, RENDER whales executed a significant purchase on July 21, 2024. Finally, POL whales completed a major withdrawal on September 9, 2024. These large transactions had notable impacts on the market.
These historical movements reveal the strategic purchases of whales and their influence on the crypto market. Investors are closely watching how these significant trades will shape future price movements.
Reduced Selling Pressure Expected
Whales storing these altcoins in cold wallets by moving them off exchanges is expected to reduce selling pressure. Reduced selling pressure often allows prices to rise more steadily. This has fueled hopes that the bull market will continue.
What’s Next for Investors?
In the coming months, if whales continue withdrawing more altcoins from exchanges, prices are likely to trend upward. Investors can strategically follow whale movements to capitalize on opportunities. By tracking whale purchases and sales, those looking to profit from the market can position themselves accordingly.
Injective, Render, and Polygon continue to show potential for growth, driven by the interest of whales. During this period, investors should focus on these altcoins and take advantage of potential opportunities.
