What Altcoins Do Crypto Whales Accumulate?

[ad_1]

After the rapid industry-wide retracement that followed the brief USDC-deg on March 10, the global crypto market cap rebounded above $1.2 trillion in April. Will increased whale activity push the rally further?

The Ethereums Shapella upgrade and Bitcoin’s surge above $30,000 has been dominating media headlines recently. However, on-chain data reveals that large strategic investors have given unbalanced attention to a handful of altcoins.

The crypto market cap has jumped 5% since early April. The on-chain data reveals the direction in which large institutional investors are turning their attention to make the most of the crypto rally.

Crypto Whales Defend The Graph (GRT) at $0.10 support

The Graph is a blockchain data indexing protocol that powers many applications in DeFi and the broader Web3 ecosystem. As of March 11, the GRT token is down nearly 48% from its year-to-date high of $0.20.

Between the recent local low of $0.11 recorded on March 9, whales holding 1 million to 10 million coins added 13 million tokens worth around $2 million.

Chart price (GRT) versus whale wallet balances. April 2023. Source: Santiment

With GRT now trading around $0.15, the wave of accumulation among whale investors appears to have sparked a price resurgence.

Lido DAO (LDO) Whales at the Forefront of Shapella Upgrade Success

Lido DAO (LDO) is the native token of Lido Finance, a DeFi platform that facilitates Ethereum 2.0 staking through a liquidity staking derivative. Shortly after the announcement of the Ethereum network upgrade in March, crypto whales started piling up their LDO bags. The timing implies that big investors have been looking to reap high-profile gains from the increased trading activity that could follow the network upgrade.

Over the past few weeks, the LDO coin has seen an increase in the buying momentum of crypto whales holding between 10 and 10 million LDO. The graph below shows how whales bought nearly 33 million tokens between March 5 and April 12. At market value of $2.39 at press time, the accumulated tokens are worth around $80 million.

LidoDAO (LDO) price vs Whales wallet balances. April 2023. Source: Santiment

When whales invest such large sums in a short time, it inspires confidence in other participants in the network. If the crypto whales continue to HODL, LDO may cross the $3 milestone soon.

Crypto-Whale Cohort Undeterred Despite Struggles Against Litecoin (LTC)

On February 15, Litecoin briefly rose above $100 for the first time since May 2022. However, the rally was short-lived as LTC quickly fell back below $70 on March 11. Interestingly, this volatility did not deter the cohort of crypto whales holding 1 million to 10 million LTC coins.

According to Santiment, this cohort of whales began buying weeks before LTC hit the high of $102 since the start of the year on February 15.

The following chart shows that whales bought 2.37 million LTC between February 3 and April 12.

Litecoin (LTC) price vs Whales wallet balances. April 2023. Source: Santiment

At current prices of $94, the newly added tokens are worth over $220 million. If the whales keep piling up, it’s only a matter of time before LTC breaks through the $100 barrier again.

Optimism (OP) Whales Remain Positive Despite Sideways Price Movement

Optimism (OP) is a layer two blockchain built on the Ethereum network. It improves the scalability of Ethereum, keeping trustless cumulative records of transactions before they are finally secured on Ethereum.

OP delivered a choppy performance last week, but on-chain data shows crypto whales remain bullish. Between March 1 and April 12, whales with 1-10 million OP in their wallet balance added 256 million tokens.

Optimism (OP) Prices vs balances of the Whales portfolio. April 2023. Source: Santiment

The newly added 256 million OP tokens are worth almost $490 million at the current price of $2.39. Although the price is down 13% over the same period, the trend of whale accumulation may soon trigger a rebound.

Toncoin (TON) Whales are back in action

Toncoin (TON) is the native token of the decentralized layer-1 blockchain developed by the encrypted messaging platform Telegram.

According to blockchain forensics firm Santiment, TON whale holders are back in accumulation mode after taking profits in early March. Between March 20 and April 13, the group of whales with individual balances of 100,000 to 1 million tons added another 44 million pieces.

Toncoin (TON) price vs Whales wallet balances. April 2023. Source: Santiment

At the current market value of $2.22, the newly acquired whale coins are worth $97 million. Notably, the buy/sell pattern of this cohort of whales has been closely correlated to price action since September 2022. If this condition holds, TON holders can expect more upside in the coming weeks. .

In conclusion, crypto whale activity can have a ripple effect on the cryptocurrency market. Strategic sharks and retail investors might also choose to keep a close eye on those assets that are attracting the attention of big investors.

Disclaimer

In accordance with Project Trust guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reports, but market conditions are subject to change without notice. Always do your own research and consult a professional before making financial decisions.

[ad_2]