What Crypto Whales Are Buying for Potential Gains in November 2024
Historically, the fourth quarter often brings notable gains for cryptocurrencies, and with November underway, crypto whales are strategically positioning themselves for potential profits.
These large holders, who heavily influence price trends, are closely eyeing assets with strong growth potential. By analyzing on-chain data, BeInCrypto identifies the altcoins that crypto whales are buying this month, offering valuable insights for retail investors looking to follow the “smart money” in the crypto market.
Maker (MKR)MKR, the Maker Protocol’s governance token, tops this list of tokens that crypto whales are buying for potential gains in November.
According to IntoTheBlock, the large holders’ netflow, which measures the difference between the assets whales bought and sold, had increased. When this metric is positive, it means crypto whales bought more than they sold.
When it is negative, it means that they sold more coins. On October 30, the netflow was 85.67 million. But as of this writing, that value has increased to 5,660 MKR tokens, meaning that whales bought 5,575 tokens this week.
Read more: Who Owns the Most Bitcoin in 2024?
Maker Large Holders Netflow. Source: IntoTheBlock
At the token’s current price, this indicates that crypto whales purchased over $7 million worth of MKR. Should the accumulation continue this month, then the altcoin’s price might jump higher than $1,284 in the short term.
Ripple (XRP)Another token crypto whales are buying is XRP, the native token of the Ripple blockchain payment project. In October, XRP’s price decreased by 12% as crypto whales failed to accumulate many tokens.
But things changed between October 31 and the time of writing. According to Santiment, crypto whales purchased about 2 billion XRP. At the current price, this accumulation is worth over $1 billion.
Typically, when crypto whales buy XRP, the price tends to increase. Therefore, if accumulation continues, XRP erases part of its recent losses. But if whales stop buying within the first few days of the month, the prediction might be invalidated.
Ripple Balance of Addresses. Source: Santiment
Pepe (PEPE)
Pepe is another crypto that whales are buying for potential gains in November. In October, the meme coin, which was once one of the best performers in the market, failed to impress.
This could be linked to the hype around other meme coins, as they appeared to take liquidity off PEPE. However, the large holders’ netflow showed a notable increase this past week, suggesting that crypto whales are confident of PEPE’s performance this month.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
Pepe Large Holders Netflow. Source: IntoTheBlock
Should that remain the same, then PEPE’s price might rise higher than $0.0000092. On the other hand, if crypto whales halt buying the token, the price might decline.
The post What Crypto Whales Are Buying for Potential Gains in November 2024 appeared first on BeInCrypto.