Crypto Whales Bought These Altcoins in the First Week of December 2024

by

As a seasoned crypto investor who has weathered numerous market cycles and witnessed the rise and fall of countless altcoins, I find the recent whale activity particularly intriguing. The strategic purchases of Worldcoin (WLD), Mantle (MNT), and Bitcoin Cash (BCH) by these market heavyweights suggest a shift in the crypto landscape that could potentially yield significant returns for early adopters.

During the initial week of December 2024, large-scale crypto investors, known as ‘whales’, were quite active and made substantial purchases across various altcoins. This buying frenzy indicates a growing trust in these cryptocurrencies, possibly driven by promising macroeconomic factors or speculative prospects.

Here’s a breakdown of the top three altcoins that have recently been acquired by whales, as their actions significantly impact the market.

Worldcoin (WLD)

This week, it’s been reported that major cryptocurrency investors (often referred to as ‘whales’) have predominantly purchased Worldcoin (WLD) among other altcoins. As per IntoTheBlock’s analysis, the netflow of large WLD holders on December 4 showed a decrease, meaning more tokens were bought than sold.

Today, I observe a significant rise in the number of Worldcoin holdings, now standing at 57.25 million. This substantial accumulation by crypto whales is estimated to be worth around $220 million at current prices. It seems these sizeable purchases have influenced the price of Worldcoin, causing it to surge by 35%, reaching $3.86.

Should whales persist in purchasing the cryptocurrency known as WLD, it may potentially surge towards $5. Yet, an increase in large-scale sellers might contradict this projection, causing the value to decrease instead.

Mantle (MNT) 

This week, one of the cryptocurrencies purchased by large investors, or “whales,” was MNT, which functions as the native token on Ethereum‘s layer-2 network, Mantle. The choice to invest in MNT might be associated with the current performance of ETH.

Historically, when the value of Ethereum increases, related altcoins like Mantle often experience better performance as well. Therefore, it wasn’t unexpected that during that particular week, Mantle’s price peaked at $1.23. According to BeInCrypto’s analysis, this growth may also be associated with the significant accumulation of large investors, or ‘whales’.

Based on Santiment’s analysis, holding between 10 million and 100 million tokens has seen a significant increase in value exceeding $4 million this week. If these balances continue to grow, it is expected that the price of MNT will also rise. Conversely, if their holdings decrease, the price could potentially fall even more.

Bitcoin Cash (BCH)

Bitcoin Cash, a spin-off from the original Bitcoin that occurred in 2017, has been among the popular altcoins that big cryptocurrency investors have been buying this week. As per the statistics by IntoTheBlock, there was a substantial decrease in the outflow of large holders on December 4.

Currently, the amount stands at 56,830, showing a significant rise in the altcoin’s value, with crypto whales investing approximately $33.7 million into it. This surge could possibly be connected to Bitcoin’s price escalation to $100,000, given that their values often have a strong link due to the fork of the leading cryptocurrency.

Moving on, should Bitcoin (BTC) maintain its upward trend, it’s plausible that Bitcoin whales may keep acquiring more of the digital currency. Consequently, this action could potentially boost Bitcoin Cash (BCH) prices as well. Yet, if these crypto whales decide to decrease their influence in the market, such a rise might not materialize.

Read More

2024-12-06 22:20