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Crypto whales generally have the ability to influence the market with their purchases and sales. Due to the size of their transactions, this large investor group has a significant say in the market, and last week they continued to make notable purchases. So, which 3 altcoins did the whales focus on this week? Let’s take a look together.
Polygon (MATIC)
An important event will take place in the coming weeks. On September 4, there will be a transition from MATIC to POL, one of the market’s high-volume altcoins, and it was observed that this situation attracted significant interest from whales during the week. This renaming event in the market brought a 33% increase in MATIC’s value, making it one of the top-gaining cryptocurrencies of the week.
The price increase did not go unnoticed by the whales, and the number of whale addresses holding between 1,000,000 and 100,000,000 MATIC tokens reached a monthly peak of 316. MATIC has risen by 32% in the last 7 days and is trading at $0.5345 at the time of writing.
Litecoin (LTC)
Throughout the past week, noticeable moves by whales in Litecoin (LTC) were reflected in the charts. According to data provided by IntoTheBlock, the net inflow of the coin’s large investors increased by 141% over the past seven days.
When there is an increase in the net inflow metric, it is generally interpreted that whales are accumulating more coins, which is often seen as a positive sign for individual investors. A positive outlook in the net inflow of large investors can be interpreted as a potential indicator of an upcoming rally, although it is not certain.
At the time of writing, LTC is trading at $66.20. If accumulation by whales continues, the price could rise above $70 and potentially reach the next resistance level of $73.87.
Ethereum (ETH)
Lastly, the group that has made the most headlines in the market, Ethereum (ETH) whales, continued their purchases as the price levels surpassed $2,700. At the time of writing, the ETH price is trading around $2,759. It is observed that ETH is gradually moving away from the support level at $2,538.
The price increase is significantly influenced by the purchases of ETH whales. According to data provided by Santiment, the number of whale addresses holding between 10,000 and 100,000 ETH has risen to a high level of 1,008 after more than a month.
