The second week of November 2024 has seen a noticeable uptick in the activity of crypto whales. These large investors are strategically accumulating key altcoins as market conditions improve. With the cryptocurrency market experiencing increased volatility, these significant transactions might signal a shift in sentiment or expectations for better price performance.
Crypto whales are showing strong interest in a variety of altcoins. This includes both established favorites and newer tokens. It's clear that high-net-worth investors are employing diverse strategies. The top altcoins that crypto whales have been buying lately are Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).
Dogecoin (DOGE) is one altcoin that has caught the attention of crypto whales this week. This surge in interest might be linked to the positive sentiment around the coin. Recently, Donald Trump approved Elon Musk’s proposed Department of Government Efficiency for the incoming U.S. administration. On November 8, the net flow for large holders showed a negative reading, indicating that whales were selling. However, this metric has now increased to 1.72 billion.
At Dogecoin’s current price, this increase suggests that crypto whales purchased about $636 million worth of DOGE this week. This accumulation has positively impacted the coin’s value, leading to an impressive 85% price increase over the last seven days. In fact, DOGE has even surpassed the market cap of XRP. If whales keep buying, Dogecoin could rise above $0.37 in the coming week. If not, it may stay in a sideways trading pattern.
Litecoin (LTC) is another altcoin that crypto whales have been buying. On November 11, addresses holding between 1 million and 10 million LTCs owned 6.33 million LTC. That number has now jumped to 7.57 million. This means crypto whales acquired about $106 million worth of Litecoin in the second week of November 2024.
Similar to DOGE, this accumulation has influenced Litecoin’s price. Over the past week, it has risen by 20% and currently trades at $85.87. If whale accumulation continues, LTC could approach the $100 mark. However, if they decide to step back, the price might decline.
Ripple (XRP) has also seen significant purchases by crypto whales this week. This large accumulation might be tied to Robinhood’s decision to list the token. The U.S. market is seeking clarity on cryptocurrency regulations, and speculation around SEC Chair Gary Gensler’s potential resignation has added to the interest.
For instance, on November 12, the XRP held by the cohort of 1 million to 10 million increased from 3.82 billion to 3.97 billion. Meanwhile, the 10 million to 100 million cohort rose from 6.79 billion to 6.95 billion. This indicates that crypto whales purchased a total of 310 million XRP tokens, valued at around $267 million.
As a result, XRP’s price has surged by 56% over the past week and is currently trading at $0.87. If this trend continues, the price could reach close to $1. If not, it may experience a pullback.