Whales regularly play a key role in shaping cryptocurrency market prices, so tracking their purchases can yield potential profits.
In this analysis, TinTucBitcoin highlights the top altcoins that whales are accumulating. In December, these coins included Fantom (FTM), Dogecoin (DOGE) and Optimism (OP).
Fantom (FTM)
FTM, the token of the first layer blockchain Fantom, leads the list of altcoins that crypto whales are buying in December. According to our research findings, whales are buying this token mainly for the conversion eventually from Fantom to Sonic, with the Shard snapshot scheduled for December 1st.
According to Santiment, the balance of wallet addresses holding between 1 million and 10 million FTM reached about 202 million on November 24. But today, it has increased to 208.74 million, suggesting that whales may is preparing for a prominent increase in FTM.
If this trend continues, Fantom price could climb to $2 in December 2024. However, if large investors do not continue to accumulate, that may not happen and FTM could decline under 1 USD.
Dogecoin (DOGE)
Like previous months, Dogecoin once again appeared on the list of coins that crypto whales are buying in search of potential profits in December. According to IntoTheBlock, the net inflow of large holders increased compared to to its value a few days ago.
This net cash flow measures the difference between the value of the coins whales buy versus sell. When it is negative, whales are selling more.
A few days ago, the number of coins held by whales was about 642 million. But by this time, it had increased to 1.72 billion, showing that whales had accumulated over $1 billion in DOGE value in the past few days.
If they continue to buy, Dogecoin’s price could continue to rise as December approaches. Otherwise, the value of the cryptocurrency may decrease.
Optimism (OP)
Optimism, a Layer-2 project built on Ethereum, is another project that crypto whales are buying into. While the OP doesn’t have any major developments going on, it seems like the feeling that ETH price may increase in December is one of the reasons whales are buying.
Historically, when Ethereum price increases, OP usually increases by a more significant amount. According to Santiment, the balance of addresses held by wallets ranging from 10 million to 100 million OP Tokens has increased significantly.
If this trend continues, OP price could experience a prominent rally in December, with possible targets reaching $4. However, investors need to be careful. If whales stop buying, this may not happen. Instead, OP could drop below $2.