Altcoins
Whales are targeting these three Altcoins
The current sentiment in the crypto market is not particularly favorable. To be honest, it’s not the ideal time, but paradoxically according to Altcoin Buzz, it’s always an opportune time, especially now, to observe counterintuitive movements. The analyst gave a list of parts that whales buy from this dump.
Exhibit 1: Bitcoin
Recent data from LookIntoChain shows Bitcoin whales take advantage of falling prices to increase their reserves. Two wallets recently withdrew 2,000 BTC, worth around $135 million, from Binance. This reflects the levels seen before the big price increases. On June 11, Bitcoin whales purchased 20,600 BTC, valued at $1.38 billion, the most since February 28, when Bitcoin was nearly setting new price records and Bitcoin ETF were gaining ground.
Santiment, a blockchain analytics company, reports fewer Bitcoins available on exchanges, the lowest since December 2021. There are more addresses holding 10 BTC or more than in the last two years. Why are whales interested in Bitcoin now? They may think it is undervalued and are preparing for higher prices, which could make more people want Bitcoin and increase its value.
But he also said there were risks. If whales start selling instead of buying, it could lead to sharp price drops, demonstrating their influence on the market.
Exhibit 2: Ethereum
The analyst pointed out that Ethereum (ETH) is currently seeing many large investors investing. Ethereum whales purchased over 700,000 ETH worth over $2.45 billion. This buying frenzy was triggered by the recent Ethereum price drop, which was seen as a good opportunity to get back into the market. News about potential Ethereum ETFs also sent Ethereum’s price up 20% in one day and added more than $200 billion to the overall crypto market value, although prices have since fallen.
Aside from whale interest, Ethereum’s applications in decentralized finance (DeFi) are doing well, highlighting its importance. Ethereum is also preparing for major updates to improve its technology and potentially increase adoption.
Exhibit 3: Dogecoin
Even Dogecoin (DOGE) has recently attracted the attention of major investors. Dogecoin whales have been active, making large transactions that have pushed prices higher. This increased activity could attract more traders to Dogecoin, suggesting it is worth keeping an eye on in the crypto market.
For example, on June 7 alone, there were over 150 Dogecoin transactions each exceeding $1 million. Earlier, on May 31, the whales had accumulated around 700 million Doges, for a total of around $112 million. Overall, Dogecoin whales have been active, recently moving over 6.4 billion Doges.
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