Crypto Whales Are Buying these Altcoins: A Focus on Litecoin, Polygon, and Avalanche

Crypto Whales Buy Altcoins: Litecoin, Polygon, and Avalanche

Despite a relatively choppy market, crypto whales splashed their cash on altcoins this week. Their acquisitions imply optimism for a market rebound. Below is a list of altcoins crypto whales bought in the second week of August 2024.

Litecoin (LTC)

First on the list is Litecoin (LTC), developed as a lighter version of Bitcoin (BTC). Recent data from IntoTheBlock indicates that LTC’s Large Holders Netflow experienced a substantial increase over the last seven days. This metric tracks activities of addresses holding significant portions of the circulating supply. An uptick signifies whales accumulating more LTC than they sell, which typically corresponds to price growth expectations.

Currently trading at $65.50, LTC has seen an 8.82% price increase over the past week. If this buying trend persists, LTC could potentially extend its gains.

Polygon (MATIC)

Next is Polygon (MATIC), which has shown lackluster performance lately. On-chain data from Santiment reveals that whale activity is strong, with significant accumulations occurring. Specific address balances have risen, as whales buy ahead of the migration to POL, slated for September 4. This transition has increased interest despite MATIC’s recent 4.72% drop.

Avalanche (AVAX)

Finally, we have Avalanche (AVAX), native to its smart contract blockchain. Similar to LTC, AVAX's Large Holders Netflow saw a 36% increase, indicating substantial whale investments. The price currently reflects a 3.18% drop in the last 24 hours, likely due to an upcoming token unlock on August 19. However, ongoing whale accumulation post-unlock may stabilize and uplift AVAX’s price.