When whales—large investors with significant holdings—start investing in a particular cryptocurrency, it often signals the asset’s potential for growth.
This behavior can trigger a domino effect, where smaller investors follow suit, driving up both demand and price. So, which cryptocurrencies are currently catching the eye of these big players?
As anticipation builds for the launch of spot ETFs for Bitcoin (BTC) and Ethereum (ETH), market participants hope these products will bring increased capital inflows, boosting the prices of these leading cryptocurrencies. In response to this optimism, whales have begun ramping up their accumulation of key assets.
Recent data from IntoTheBlock reveals a notable uptick in net flows among large holders over the past few days, indicating that whales are quietly positioning themselves in anticipation of a market rally.
$PEPE Memecoin Sees Large Whale Activity To Monitor
Interestingly, meme coins are also catching the attention of these large investors. The popular meme coin $PEPE, for instance, has seen a surge in whale activity.
According to Sentiment, the number of addresses holding between 10,000 and 10,000,000 $PEPE tokens has soared to over 95,000—the highest level since the coin’s debut in April 2023. In just the past month, the number of such $PEPE holders has increased by 14%, suggesting growing confidence in the coin’s potential.
When whales invest in an asset, it often signals its potential. Small investors follow suit, driving up demand and price.
This left me with the question: Which Cryptocurrencies Are Whales Buying?
The market hopes that the launch of spot ETFs (BTC/ETH) will lead to increased… pic.twitter.com/lJUc0zJoN3— Sky_Run 🔶 (@Cryptoskyrun) August 7, 2024
Another token gaining traction among whales is Ondo Finance’s governance token, $ONDO. Over the past 30 days, $ONDO has experienced a significant 19% increase in large player inflows. If this trend continues through August, the token’s price could easily climb to $1, offering substantial returns for early adopters.
In summary, the growing interest from whales in both established cryptocurrencies and niche assets like $PEPE and $ONDO could be a strong indicator of future price appreciation, making these tokens ones to watch in the coming weeks.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: kebox/123RF // Image Effects by Colorcinch
