This week, crypto whales have set their sights on three standout altcoins, driving significant price surges. Unlike previous weeks, these new targets reveal a notable shift in whale strategies. Here’s a deep dive into why AAVE and two other altcoins are commanding attention in the second week of December 2024.
Aave (AAVE): The Rising DeFi Star
Aave, a leader in the decentralized finance (DeFi) sector, has emerged as a favorite among whales. According to IntoTheBlock data, AAVE’s large investor net flow skyrocketed from just 4,000 tokens on December 11 to an astounding 87,860 tokens.
This translates to approximately $35 million in AAVE purchases, propelling its price up by 42% to $370. Reports suggesting that Donald Trump’s crypto initiative acquired AAVE further fueled this bullish trend. If this momentum persists, AAVE’s value could climb even higher. However, increased selling pressure may lead to a partial retracement of gains.
Virtuals Protocol (VIRTUAL): Harnessing AI’s Potential
VIRTUAL, an AI-driven protocol on the Base chain, has quickly become a whale favorite this week. Santiment data reveals that wallets holding between 100 million and 1 billion VIRTUAL tokens saw their balances jump from 145,000 to 6.44 million in a single day.
This equates to approximately $15 million in whale purchases, pushing VIRTUAL to an all-time high. With a trading volume surpassing $220 million, analysts expect VIRTUAL’s price to breach the $2.30 mark if the positive trend continues. However, profit-taking by large investors could lead to a price dip.
Ondo (ONDO): Bridging Real-World Assets and Crypto
Focused on tokenizing real-world assets (RWA), ONDO has caught the attention of whales. IntoTheBlock reports indicate a 7.34 million token increase in whale holdings, driving ONDO’s price up by 17% to just under $2.
Should whales continue accumulating, ONDO’s price could rise further. Conversely, any reduction in large holdings could push its value back to the $1 level.
Whale Activity Shapes Market Dynamics
The buying and selling strategies of crypto whales continue to shape market trends. As reported by The Bit Journal, closely monitoring whale movements offers investors both opportunities and early warnings of potential risks. The future performance of these altcoins will largely depend on market conditions and whale behavior.
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