The second week of November 2024 saw an increase in crypto whale activity, with large-volume investors strategically piling into major altcoins amid improving market conditions. With the cryptocurrency market experiencing high volatility, these large transactions could indicate a shift in sentiment or an expectation of better price performance.
Altcoins are attracting a lot of interest from whales from well-known favorites to emerging tokens, highlighting the diverse strategies among high-net-worth investors. However, the major altcoins bought by crypto whales include Dogecoin (DOGE), Litecoin (LTC) and Ripple (XRP).
DOGE
Dogecoin is one of the altcoins that crypto whales have been buying this week. This development may be linked to the positive sentiment around the coin since Donald Trump approved Elon Musk’s proposal to create a government efficiency department for the next US administration.
On November 8, the large holder net inflow showed a negative reading, indicating that whales were selling. This metric tracks the number of coins that large investors have bought or sold. As of this writing, this metric has risen to 1.72 billion.
At the current price of Dogecoin, this figure indicates that crypto whales have purchased around $636 million worth of DOGE this week. This accumulation has also affected the value of the coin. In the last seven days, the price of DOGE has risen by 85% and surpassed the market cap of XRP.
Net flow of large holders of Dogecoin⬆️
If whales continue to buy, Dogecoin could rise above $0.37 in the coming week. If not, the cryptocurrency could remain rangebound and trade sideways.
Litecoin LTC
Litecoin is another altcoin that crypto whales have been buying this week. On November 11, there were 6.33 million LTC held by addresses that held between 1 million and 10 million coins.
At press time, the number had risen to 7.57 million, indicating that crypto whales purchased around $106 million worth of Litecoin in the second week of November 2024. Like DOGE, this accumulation also impacted the altcoin’s value.
Over the past 7 days, Litecoin price has increased by 20% and is currently trading at $85.87. If whales continue to accumulate, LTC price could approach $100. On the other hand, if they decide to return to the sidelines, the price could drop.
Rebel XRP
Finally, digital whales have also been buying Ripple XRP in large quantities this week. These large accumulations may be linked to Robinhood’s decision to list the coin as the US market seeks regulatory clarity on cryptocurrencies. Furthermore, speculation that SEC Chairman Gary Gensler may resign has also sparked the accumulation.
For example, on November 12, the XRP held by a pool of 1 million to 10 million was 3.82 billion. On the same day, the pool of 10 million to 100 million held around 6.79 billion XRP. But at the time of writing, the numbers have risen to 3.97 billion and 6.95 billion, respectively. This means that crypto whales have purchased a total of 310 million coins, worth around $267 million.
As a result, the price of XRP has increased by 56% over the past week and is now trading at $0.87. If whales continue to pump money into it, the price may approach $1. Otherwise, it may decline.
