Optimism Among Crypto Whales: Altcoins Seeing Increased Investment
Litecoin (LTC)
In the second week of August 2024, crypto whales have shown increasing interest in Litecoin (LTC). The net flows from large Litecoin holders have seen significant growth in the past seven days, indicating a positive trend in accumulation by whales.
When whales accumulate holdings, it often signals confidence in future price increases. The current uptrend in Litecoin, trading at $65.50 with an 8.82% increase from the previous week, may continue if whales maintain their buying momentum in the upcoming weeks.
Polygon (MATIC)
Despite a recent underperformance, Polygon (MATIC) has captured the attention of crypto whales. Data from Santiment confirms that whales are accumulating MATIC, especially ahead of its scheduled migration to POL on September 4th.
The impending upgrade to POL could bring newfound interest in the token, despite a 4.72% decrease in price this week. The distribution of MATIC among various address groups suggests a growing whale interest in the token.
Avalanche (AVAX)
Lastly, Avalanche (AVAX) has witnessed a significant 36% increase in net flows from large accounts, indicating whale accumulation of the native token of the Avalanche smart contract blockchain. However, the price of AVAX has dropped by 3.18% in the past 24 hours, potentially related to an upcoming token unlock on August 19.
If whales continue to accumulate AVAX tokens post-unlocking, the price may stabilize and potentially rebound. This indicates a potential recovery in the near future for AVAX.
