Altcoins Crypto Whales Bought in January’s Fourth Week
Contrary to expectations, the cryptocurrency market has largely experienced consolidation since Donald Trump’s inauguration on January 20. Major assets still maintain range fluctuations, with little price fluctuation.
Nonetheless, crypto whales have been accumulating specific altcoins, taking advantage of the relatively stable trading environment to position themselves for future gains. This week’s top picks include avalanche (AVAX), Dogecoin (DOGE) and Lido DAO (LDO).
Avalanche(AVAX)
One layer of coins Avax One of the top picks for crypto whales this week. This is evident from the triple-digit growth in its majority shareholder net flows, which is up 151% in the past seven days, according to IntoTheBlock.
Large holders are whale addresses that own more than 0.1% of the asset’s circulating supply. Net flows from large holders of an asset track the difference between the tokens these whales bought and sold over time.
When net flows rise, it means these whales are buying more coins. This is a bullish signal and indicates the possibility of price increases. If AVAX whales continue to accumulate, it could push the coin’s price towards $40.
Dogecoin (DOGE)
DOGE, the leading meme coin is another altcoin that caught whales’ attention this week.
Analysis of Dogecoin supply distribution shows that whale addresses holding more than 1 billion Dogecoins have accumulated a staggering 1.65 billion Dogecoins this week, worth more than $569 million. This brings the group’s total holdings to 74.06 billion DOGE.
If these whales continue to buy the meme coin, its price could rise above the key resistance formed at $0.40.
Lido Island (LDO)
Lido DAO’s LDO Whale activity has also increased this week. On-chain data shows that large investors holding 1 million to 10 million tokens have accumulated 15 million LDOs this week, worth more than $31 million.
If accumulation continues, the value of the liquid staking token could rise to $2.26.
Disclaimer
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