The second week of November 2024 saw an increase in crypto whale activity, with large-scale investors strategically accumulating key altcoins amid improving market conditions. When cryptocurrency markets experience high volatility, these large transactions can indicate a change in sentiment or anticipation of better price performance.
Altcoins are attracting significant interest from whales, from familiar coins to emerging tokens, highlighting the diverse strategies among high-value investors. Reportedly, the top altcoins that crypto whales have purchased include Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).
Dogecoin (DOGE)
Dogecoin is one of the altcoins that crypto whales bought this week. This development may be related to the bullish sentiment surrounding the currency since Donald Trump approved Elon Musk’s proposal to establish a Department of Government Efficiency for the next US administration.
On November 8, the net inflow of large holders showed a negative figure, indicating that whales were selling. This index tracks the amount of coins bought or sold by large investors. At the time of writing, the same index had increased to 1.72 billion.
At Dogecoin’s current price, this figure shows that crypto whales have purchased approximately $636 million in DOGE this week. This accumulation has also affected the value of the currency. In the past seven days, DOGE price has increased by 85% and surpassed the market capitalization of XRP.
If whales continue to buy, Dogecoin could rise higher than $0.37 in the coming week. Otherwise, the cryptocurrency will likely remain in range and trade flat.
Litecoin (LTC)
Litecoin is another altcoin that crypto whales have been buying this week. On November 11, 6.33 million LTC was held by addresses owning between 1 million and 10 million coins.
As of press time, this number has increased to 7.57 million, indicating that crypto whales purchased approximately $106 million worth of Litecoin during the second week of November 2024. Like DOGE, the accumulation Accumulation has also impacted the value of altcoins.
Over the past seven days, Litecoin price has increased by 20% and is currently trading at $85.87. If whale accumulation continues, then LTC could get closer to $100. Conversely, if they decide to withdraw, the price may drop.
Ripple (XRP)
Finally, crypto whales have also been buying Ripple (XRP) in large volumes this week. This massive accumulation may be related to Robinhood’s decision to list the token, as the US market seeks clarity on cryptocurrency regulation. Furthermore, speculation that SEC Chairman Gary Gensler might resign also fueled this buildup.
For example, on November 12, the amount of XRP held by the 1 million to 10 million group was 3.82 billion. On the same day, the group of 10 million to 100 million held about 6.79 billion XRP. But at the time of writing, the numbers have increased to 3.97 billion and 6.95 billion, respectively. This means that crypto whales bought a total of 310 million tokens, worth about $267 million.
As a result, XRP price has increased 56% in the past week to trade at $0.87. If whales continue to pour money into it, the price could get closer to $1. Otherwise, it may experience a decline in price.