Crypto Whales Focus on Litecoin, Polygon, and Avalanche in August 2024
In the second week of August 2024, crypto whales—those with large amounts of cryptocurrency holdings—turned their attention to three main altcoins: Litecoin (LTC), Polygon (MATIC), and Avalanche (AVAX). While LTC saw a positive price reaction, MATIC and AVAX remained relatively stable or declined despite the increased interest.
Litecoin (LTC): Whale Accumulation Sparks Bullish Momentum
Litecoin (LTC) experienced a significant increase in whale accumulation during this period. There was a noticeable spike in the number of whale holders controlling more than 1% of the circulating supply. This surge in buying activity suggests growing confidence in LTC’s future potential.
On-chain metrics reveal that large holders—whales with more than 1% and investors with 0.1% to 1% holdings—control 48% of LTC’s supply. While this concentration indicates strong long-term growth potential, it also poses a risk in a bear market, where concentrated holdings could lead to price volatility.
Over the past week, LTC has risen by 10.18%, reaching a trading price of $67.34. If whale accumulation continues, LTC may see further upward movement.
Polygon (MATIC): Whale Interest Despite Downward Trend
Polygon (MATIC) has been in a downtrend throughout 2024, with staking dropping to 35% and the price falling by 26.5% in just one month. Despite these negative fundamentals, MATIC remains a favored choice among crypto whales.
Data from Santiment shows an increase in addresses holding between 100,000 to 1 million MATIC tokens, and those holding between 10 million to 100 million tokens. This suggests that whales are optimistic about MATIC’s upcoming migration to the POL network, scheduled for September 4, 2024.
At the time of writing, MATIC is trading at $0.404, with a 1.25% increase in the last day. However, the asset’s price has remained largely unaffected by these whale movements.
Avalanche (AVAX): Whale Activity Rises Amid Upcoming Token Unlock
Avalanche (AVAX) has also attracted whale interest after a long hiatus, with a 35% increase in the Large Holders Netflow. However, despite this surge in accumulation, AVAX’s price has dropped by 6.28% over the past week. This decline is likely due to the upcoming token unlock on August 19, 2024, which is expected to increase the circulating supply and potentially impact the price negatively.
For AVAX to reverse its downward trend, it will need more whale accumulation and a boost in social media sentiment.
Not a financial advice, includes third party opinion.