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Whales are targeting these three Altcoins
The current sentiment in the cryptocurrency market is not particularly favorable. To be honest, it’s not the ideal moment, but paradoxically according to Altcoin Buzz, it is always an opportune time, especially now, to observe counterintuitive movements. The analyst provided a list of coins that whales are purchasing at this landfill.
Coin 1: Bitcoin
Recent data from LookIntoChain shows Bitcoin whales take advantage of the lower prices to increase their reserves. Two wallets recently withdrew 2,000 BTC, worth approximately $135 million, from Binance. This reflects levels seen before the large price increases. On June 11, Bitcoin whales bought 20,600 BTC, worth $1.38 billion, the most since February 28, when Bitcoin was nearly setting new price records and Bitcoin ETFs they were gaining ground.
Santiment, a blockchain analytics firm, reports fewer Bitcoins available on exchanges, the lowest since December 2021. There are more addresses holding 10 BTC or more than in the past two years. Why are whales interested in Bitcoin now? They may think it is undervalued and are preparing for higher prices, which could lead to more people wanting Bitcoin and increasing its value.
But he also said there are risks. If whales started selling instead of buying, this could lead to sharp price drops, demonstrating their influence on the market.
Coin 2: Ethereum
The analyst underlined this Ethereum (ETH) is currently seeing many large investors buying. Ethereum whales purchased over 700,000 ETH worth over $2.45 billion. This buying spree was triggered by the recent drop in Ethereum prices, seen as a good opportunity to re-enter the market. News of potential Ethereum ETFs also increased the price of Ethereum by 20% in one day and added more than $200 billion to the overall value of the cryptocurrency market, although prices have since fallen.
In addition to the interest in whales, applications of Ethereum in decentralized finance (DeFi) are doing well, underlining its importance. Ethereum is also preparing for major upgrades to improve its technology and possibly increase its adoption.
Coin 3: Dogecoin
Also Dogemoneta (DOGE) has attracted the attention of large investors lately. Dogecoin whales have been active, making significant transactions that have pushed prices higher. This increased activity could attract more traders to Dogecoin, suggesting that it is worth watching in the cryptocurrency market.
For example, on June 7th alone, there were over 150 Dogecoin transactions each exceeding $1 million. Previously, on May 31, the whales had accumulated about 700 million Doge, for a total of about $112 million. Overall, Dogecoin whales have been active, recently moving more than 6.4 billion Doge.
Read also: Could Ethereum Restaking Create a New Crypto Bond Market? Here’s what S&P says!