Crypto Whales will be installed on these 3 Altcoins: August 2024

Despite the relatively subdued market, crypto whales are still splashing their cash on some altcoins this week. According to BeenCrypto analysis, their choice indicates their hope that the broader market will recover soon.

Here is the list of altcoins crypto whales bought in the second week of August 2024.

Litecoin (LTC)

First on the list is Litecoin (LTC), which is built as a lighter version of Bitcoin (BTC). According to IntoTheBlock, the net flow of large holders of LTC has increased dramatically over the past seven days.

Large Holders Netflow tracks the activity of addresses that hold 1% or more of the total circulation supply. A decrease in this figure indicates that the whales are distributing more coins than they are collecting. In contrast, the latest surge in August 2024 shows that crypto whales hoard more LTC than they sell.

Typically, when whales increase their holdings, it has a positive effect on asset prices as it reflects confidence in future price growth.

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That is the case with Litecoin. Currently trading at $65.50, this price represents an increase of 8.82% in the last week. If crypto-wells continue their buying spree in the coming week, LTC price could extend its recent gains.

Polygon (MATIC)

It might be surprising to see Polygon (MATIC) buying crypto whales from altcoins.

However, on-chain data from Santiment confirms that whales are indeed accumulating MATIC. Balances for addresses holding 100,000 to 1 million tokens have increased, and balances for attendees from 10 million to 100 million have also increased.

It looks like crypto whales will be buying into MATIC ahead of the migration from MATIC to POL scheduled for September 4th. This anticipated transition may fuel interest in the token.

The long-awaited upgrade will replace POL MATIC with natural gas on an integrated polygon network. Despite the large stock, the price of MATIC did not see a significant increase, it fell by 4.72% this week.

Hurricane (AVAX)

Last on the list is AVAX, the native token of the Avalanche smart contract blockchain. Like Litecoin, AVAX's Large Holders Netflow has seen a significant increase of 36 percent, indicating that whales have accumulated a large amount of the token.

At press time, the price of AVAX is down 3.18% in the last 24 hours. This offer may be related to the upcoming token launch scheduled for August 19th. Token launches typically increase circulating supply, leading to selling pressure and temporary price declines.

Read more: Which are the best Altcoins to invest in August 2024?

However, if whales continue to accumulate the token after the opening event, the price of AVAX may stabilize and see a rebound.