beincrypto.com
The second week of November 2024 has seen a surge in crypto whales’ activity, with large-scale investors strategically accumulating key altcoins amid improving market conditions. As the cryptocurrency market experiences heightened volatility, these substantial transactions could indicate a shift in sentiment or anticipation of better price performance.
The altcoins are drawing significant whale interest from established favorites to emerging tokens, highlighting diverse strategies among high-networth investors. That said, the top altcoins crypto whales bought include Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).
Dogecoin (DOGE)
Dogecoin is one of the altcoins that crypto whales bought this week. This development could be linked to the bullish sentiment around the coin since Donald Trump approved Elon Musk’s proposed Department Of Government Efficiency department for the incoming US administration.
On November 8, the large holders’ netflow showed a negative reading, indicating that whales sold. This metric tracks the number of coins bought or sold by large investors. As of this writing, the same metric has increased to 1.72 billion.
At Dogecoin’s current price, this figure indicates that crypto whales purchased about $636 million DOGE this week. This accumulation has also affected the coin’s value. In the last seven days, DOGE’s price has increased by 85% and surpassed the market cap of XRP.
Should whales continue to buy, Dogecoin could rally higher than $0.37 in the coming week. If that does not happen, the cryptocurrency might remain range-bound and trade sideways.
Litecoin (LTC)
Litecoin is another altcoin that crypto whales bought this week. On November 11, 6.33 million LTCs were held by addresses that owned between 1 million and 10 million coins.
At press time, it has risen to 7.57 million, indicating that crypto whales purchased about $106 million worth of Litecoin in the second week of November 2024. Like DOGE, the accumulation has also impacted the altcoin’s value.
Over the last seven days, Litecoin’s price has increased by 20% and currently trades at $85.87. If whale accumulation continues, then LTC could get close to $100. On the flip side, if they decide to return to the sidelines, the price might decrease.
Ripple (XRP)
Lastly, crypto whales also purchased Ripple (XRP) in large volume this week. This large accumulation could be linked to Robinhood’s decision to list the token as the US market seeks to gain regulatory clarity on cryptocurrencies. Further, the speculation that SEC Chair Gary Gensler could resign also spurred the accumulation.
For instance, on November 12, the XRP held by the 1 million to 10 cohort was 3.82 billion. On the same day, the 10 million to 100 million cohort held about 6.79 billion XRP. But at the time of writing, the figures have climbed to 3.97 billion and 6.95 billion, respectively. This means that crypto whales purchased a combined 310 million tokens, valued at around $267 million.
As a result, XRP’s price increased by 56% within the past week while trading at $0.87. Should whales continue to pour money into it, the price could close in on $1. If not, it could experience a drawdown.