- As June comes to a close, market momentum is increasing with the anticipated release of a Spot Ethereum ETF in July.
- In preparation, crypto whales have started accumulating certain tokens.
- Three altcoins in particular have caught the attention of these large investors.
Crypto whales are gearing up for July, stockpiling these key altcoins in anticipation of significant market movements.
LidoDAO Token (LDO) Gains Attraction Among Whales
LidoDAO Token (LDO), the governance token for Lido Finance—the largest liquid staking protocol by Total Value Locked (TVL) on Ethereum—is seeing substantial interest from crypto whales. As of now, LDO is trading at $2.35. The last week saw an upward trend in its price, driven by expectations of spot ETH ETFs coming to the market. Whales seem to be accumulating LDO, anticipating a price surge when the ETFs are launched.
Whale Activity on the Rise
The number of LDO whales holding between 1,000,000 and 100,000,000 tokens has increased by 2% over the last week, now comprising 114 entities. This group saw a dip to a year-low of 111 addresses on June 15. However, the likelihood of spot ETH ETF launches has spurred these whales into action, leading to heightened LDO acquisitions.
Aave (AAVE) Sees Increased Whale Transaction Volume
Aave (AAVE), the governance token of the popular decentralized crypto lending platform, has witnessed a significant uptick in whale transaction volume. Over the past month, the daily number of AAVE transactions ranging between $10,000 and $100,000 surged by 128%. Larger transactions between $100,000 and $1 million also saw a 186% increase during the same period.
Surge in Whale Confidence
Increased whale transaction volume usually indicates rising interest and confidence among large holders. AAVE has experienced substantial demand over the past few days and is currently trading at $95.61. Furthermore, the price of AAVE sits above the 20-day Exponential Moving Average (EMA), a bullish signal reflecting increased buying activity.
Toncoin (TON) Accumulation Pushes Price Upward
Toncoin (TON), the cryptocurrency linked to the popular messaging app Telegram, has seen a 19% increase over the past 30 days. Recently, it reached an all-time high of $8.24 on June 15 and is currently trading at $7.75. With expectations of further rallies, TON whales continue to accumulate. On-chain data shows that the number of investors holding between 10,000,000 and 100,000,000 TON tokens has risen by 12% in the last month, reaching 7,319 addresses—a record high since the token’s introduction.
Holder Distribution Insights
The sharp increase in the number of high-volume TON holders highlights growing confidence and anticipation of future gains. This accumulation trend underscores the strategic moves by whales, setting the stage for potential market shifts.
Conclusion
In anticipation of the Spot Ethereum ETF launch in July, crypto whales are actively accumulating key tokens like LidoDAO (LDO), Aave (AAVE), and Toncoin (TON). These strategic moves reflect the larger market sentiment and the potential for significant price shifts in the near term. Investors should keep a close watch on whale activities as these can signal future market directions.
