News
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 is always an opportune time, especially now, to observe counterintuitive movements. The analyst gave a list of coins that whales are buying in this dump.
Currency 1: Bitcoin
Recent LookIntoChain data shows Bitcoin whales taking advantage of lower prices to increase their explorations. Two wallets recently withdrew 2,000 BTC, worth around $135 million, from Binance. This reflects levels seen before large price increases. On June 11, Bitcoin whales purchased 20,600 BTC, valued at $1.38 billion, the most since February 28, when Bitcoin was almost setting new price records and Bitcoin ETFs were gaining strength.
Santiment, a blockchain analytics firm, 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 lead to more people wanting Bitcoin and increasing its value.
But he also said there are risks. If whales start selling instead of buying, this could lead to large price drops, showing their influence on the market.
Currency 2: Ethereum
The analyst highlighted that Ethereum (ETH) is currently seeing many large investors buying. Ethereum whales have purchased over 700,000 ETH worth over $2.45 billion. This wave of purchases was triggered by the recent drop in the price of Ethereum, seen as a good opportunity to return to the market. News about potential Ethereum ETFs also increased the price of Ethereum by 20% in one day and added more than $200 billion to the overall value of the crypto market, although prices have since fallen.
In addition to whale interest, Ethereum’s applications in decentralized finance (DeFi) are doing well, highlighting its importance. Ethereum is also preparing for major upgrades to improve its technology and possibly increase adoption.
Coin 3: Dogecoin
Until Dogecoin (DOGE) has been attracting the attention of major investors recently. Dogecoin whales have been active, making significant transactions that have driven up prices. This increase in activity could attract more traders to Dogecoin, suggesting it is worth watching in the crypto market.
For example, on June 7th alone, there were more than 150 Dogecoin transactions, each exceeding $1 million. Previously, on May 31, whales had accumulated approximately 700 million Doge, totaling approximately $112 million. Overall, Dogecoin whales have been active, moving over 6.4 billion Doge recently.
Read too: Could Ethereum Restaking Create a New Crypto Bond Market? Here’s what S&P says!