Altcoin Buying Trends Among Crypto Whales in August 2024
Litecoin (LTC)
In the second week of August 2024, crypto whales showed a strong interest in Litecoin (LTC), a lightweight version of Bitcoin (BTC). Data from IntotheBlock revealed a significant increase in net flows from large Litecoin holders, indicating a bullish sentiment among whales.
Whale activity plays a crucial role in influencing the price of assets, and the recent accumulation of LTC by whales suggests a positive outlook for the coin. As a result, Litecoin is currently trading at $65.50, marking an 8.82% increase from the previous week.
Polygon (MATIC)
Despite its underperformance compared to other cryptocurrencies, Polygon (MATIC) made it onto the list of altcoins favored by crypto whales. Santiment’s on-chain data confirmed that whales are accumulating MATIC tokens, especially in anticipation of its migration to POL on September 4th.
While the accumulation of MATIC did not translate into a significant price increase this week, the upcoming upgrade has the potential to generate renewed interest in the token. The migration to POL and the shift in expectations could be a catalyst for a price surge.
Avalanche (AVAX)
Lastly, Avalanche (AVAX) witnessed a substantial 36% increase in net flows from large accounts, indicating a high level of accumulation by crypto whales. Despite a recent 3.18% price drop, the long-term outlook for AVAX remains positive due to whale activity.
The scheduled token unlock on August 19 may have contributed to the price drop, but continued accumulation by whales post-unlocking event could stabilize and potentially boost the price of AVAX in the near future.
Overall, the buying trends of crypto whales in Litecoin, Polygon, and Avalanche suggest optimism for a broader market recovery. It will be interesting to see how these altcoins perform in the coming weeks as whale activity continues to shape market dynamics.
