Crypto Whales Bought These Altcoins in the Third Week of November 2024
The market uptrend sparked by Donald Trump’s November 5 US presidential election victory has entered its third week. Increased trading activity has pushed many major cryptocurrencies to new all-time highs, while lower-cap tokens have seen sharp value spikes, delivering significant gains to traders.
Crypto whales have also taken notice, increasing their accumulation of select assets. This week, their purchases included Dogecoin (DOGE), Ethereum (ETH), and Shiba Inu (SHIB).
Dogecoin (DOGE)Leading meme coin Dogecoin is one of the altcoins crypto whales bought this week. The spike in its large holders’ netflow during the review period confirms this. According to IntoTheBlock’s data, this has skyrocketed by 112% over the past seven days.
Dogecoin Large Holders’ Netflow. Source: IntoTheBlock
Large holders refer to whale addresses that hold more than 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the coins they buy and the amount they sell over a specific period. When this rises, whale addresses buy more coins. This is a bullish signal that suggests the likelihood of a sustained rally.
Ethereum (ETH)Ethereum is another crypto asset that has caught the attention of the whales this week. This has happened despite its consolidation between the $3,396 and $3,043 price range over the past 14 days.
BeInCrypto’s assessment of ETH’s supply distribution reveals that, over the past seven days, whale addresses holding between 100,000 and 1,000,000 ETH have accumulated an additional 380,000 ETH, valued at $1.27 billion at current market prices.
Ethereum Supply Distribution. Source: Santiment
As of this writing, the altcoin trades at $3,342. If the whales continue to pour money into this altcoin, its price may rally toward $3,500 in the near term.
Shiba Inu (SHIB)Shiba Inu whales also showed up this week. According to Santiment, on November 14, the balance of addresses holding between 10,000 and 1,000,000 SHIB was 127 billion SHIB.
Shiba Inu Supply Distribution. Source: Santiment
As of this writing, this figure has rocketed to 129 billion SHIB. This means that this cohort of SHIB holders bought 2 billion SHIB during the seven-day period in review. If accumulation persists, the meme coin’s value may trend higher.
The post Crypto Whales Bought These Altcoins in the Third Week of November 2024 appeared first on BeInCrypto.