What Crypto Whales Are Buying for Potential Gains in December 2024

by

As a seasoned crypto investor with a knack for spotting trends and a keen interest in understanding the market dynamics, I find the role of whales in shaping the cryptocurrency market to be intriguing. Their buying activity can indeed provide valuable insights into potential gains, as highlighted in this BeInCrypto analysis for December.

It’s beneficial to monitor the purchasing behavior of whales in the cryptocurrency market as they frequently impact price trends.

This examination by BeInCrypto points out the leading altcoins that large investors are buying up. As for December, these include Fantom (FTM), Dogecoin (DOGE), and Optimism (OP).

Fantom (FTM)

For December, Fantom’s Layer-1 blockchain token (FTM) is leading the pack among altcoins that big crypto investors (whales) are snapping up. Our research indicates that whales are primarily purchasing this token due to the impending final transition from Fantom to Sonic. The Shard snapshot for this transition is anticipated to occur on December 1st.

Based on data from Santiment, the number of Ethereum Fuels (FTM) wallets holding between one million and ten million units was approximately 202 million on November 24th. However, as of today, that figure has risen to 208.74 million, implying that large investors (whales) may be preparing for a significant increase in the price of FTM.

Should the accumulation persist, it’s possible that Fantom’s value could ascend towards $2 by December 2024. On the flip side, should these shareholders choose to cease their accumulation efforts, such a rise may not materialize, and instead, the price of FTM might dip below $1.

Dogecoin (DOGE)

Similar to recent months, Dogecoin is once more among the cryptocurrencies that big investors (crypto whales) are purchasing, hoping for profits in December. As reported by IntoTheBlock, the flow of large holdings has risen compared to its value a few days ago.

This netflow indicates the gap between the coins purchased and sold by whales. If the figure is negative, it means whales are offloading more coins.

A short while ago, the amount of Dogecoin (DOGE) held by whales was approximately 642 million. However, at present, it has skyrocketed to 1.72 billion, suggesting that these large investors have amassed over a billion dollars’ worth of DOGE within just a few days.

Should purchases of Dogecoin persist through December, its price may keep climbing. Conversely, if there’s a lull in buying activity, the digital currency’s worth could potentially decrease.

Optimism (OP)

The optimistic Layer-2 project constructed on Ethereum, similar to other projects, is being snapped up by crypto heavyweights. Although OP lacks significant ongoing development, the positive outlook that Ethereum’s price might increase in December seems to be driving these purchases.

Historically, as the value of Ethereum goes up, the value of Ocean Protocol (OP) tends to rise at a greater rate. As per Santiment, there’s been a substantial increase in the number of wallets holding between 10 million and 100 million OP tokens.

If the current pattern persists, there’s a strong possibility that OP’s price could surge significantly in December, potentially reaching $4. But it’s crucial to keep an eye on the market. If large crypto investors (whales) decide to stop purchasing, this rally might not materialize. Instead, the price of OP could dip below $2.

Read More

2024-11-29 19:48