- In recent times, the cryptocurrency market has exhibited significant volatility, affecting altcoins substantially.
- There has been a noticeable shift from Bitcoin to altcoins among whale investors over the last 24 hours.
- This shift has stirred notable activity and price surges in the altcoin market, particularly benefiting coins like TRB.
Discover the latest trends in the cryptocurrency market, with whale investors turning their attention to specific altcoins.
Whale Investors Flocking to Altcoins
According to data from blockchain analytics platform Lookonchain, whale investors have been making significant altcoin purchases on major exchanges like Binance and OKX. Over the past day, these large-scale investors have shown a strong preference for certain altcoins, leading to considerable market movements and price increases.
Key Altcoins Attracting Whale Attention
Prominent among the coins attracting whale investments are Uniswap (UNI), Bluzelle (BLZ), PEPE, and TRB. A notable whale investor recently withdrew 870,827 UNI tokens, worth approximately $8.5 million, from OKX. Another substantial investment saw a different whale purchase 7.69 million BLZ tokens valued at $2.16 million from Binance. Additionally, two separate whale addresses collectively acquired 303.4 billion PEPE tokens, amounting to $3.8 million, from Binance and OKX. Furthermore, Etherscan records show a whale purchasing 20,628 TRB tokens for $1.9 million from Binance.
Whale investors have notably acquired $UNI, $BLZ, $PEPE, and $TRB.
0x3492 extracted 870,827 $UNI ($8.5M) from OKX 1 hour ago.https://t.co/fDNkGukDP4
0xe841 withdrew 7.69M $BLZ ($2.16M) from Binance 1 hour ago.https://t.co/dZtkV4i6I0
0x81cC and 0xf226 withdrew 303.4B $PEPE ($3.8M) … pic.twitter.com/wnQ3Gpnng7
— Lookonchain (@lookonchain) June 10, 2024
The majority of these investments were made through newly established wallets, indicating the entry of fresh capital into the market. This observation suggests a longer-term investment strategy among these whale investors, as they have yet to sell their recently acquired tokens. The rising trend in the altcoin market could be contributing to these strategic investments.
Notable Investments from Machi Big Brother
Another well-known whale investor, Machi Big Brother, has been heavily investing in FRIEND tokens since May 3rd. He has spent a total of 4,975 ETH (around $15.6 million) to purchase 8.6 million FRIEND tokens at an average price of $1.81 each. However, due to the current lower price of FRIEND tokens, he is facing an unrealized loss of $7.9 million from this investment.
Machi Big Brother (@machibigbrother) has been purchasing $FRIEND tokens since May 3.
He spent 4,975 $ETH ($15.6M) to acquire 8.6M $FRIEND at an average cost of $1.81 each.
At the current market price, he has an unrealized loss of $7.9M on $FRIEND! pic.twitter.com/tiew7f377A
— Lookonchain (@lookonchain) June 8, 2024
Whale Deposits in Binance
A different whale investor recently deposited 3,800 MKR tokens, valued at $9.3 million, and 20,000 AAVE tokens, worth $1.85 million, into Binance for profit-taking. This move yielded a 287% profit on MKR and a 17% gain on AAVE tokens.
A whale just deposited 3,800 $MKR ($9.3M) and 20,000 $AAVE ($1.85M) into Binance for profit-taking.
He achieved $6.9M (+287%) gains on $MKR and $638K (+17%) on $AAVE. pic.twitter.com/7iFxib93L9
— Lookonchain (@lookonchain) June 10, 2024
Conclusion
The recent surge in whale investments in the altcoin market signals a potential turning point, indicating possible future price increases. Investors should closely monitor these developments and assess their investments with careful consideration. Staying updated with the latest market trends and whale activities could prove crucial for making informed investment decisions in the volatile cryptocurrency landscape.
