Discounted Altcoins: What Whales Are Buying This Week
Date: 2023-09-14 Author: Dima Zakharov Categories: BLOCKCHAIN, BUSINESS
Polygon (MATIC) Attracts Crypto Whales
MATIC is the native token of the second-layer blockchain Polygon. Due to the emergence of competing L2 solutions such as Base and Optimism (OP), market demand for this once-popular asset has significantly decreased in recent months. Furthermore, after Binance announced the discontinuation of support for Polygon on its NFT marketplace, the price of MATIC dropped below $0.49 for the first time since May 2022.
However, this week, Polygon saw substantial demand from whales, triggering an instant rebound to $0.52. On-chain data reveals that since MATIC's price fell below $0.53 on September 10th, addresses holding between 10 million to 1 billion tokens acquired an additional 17 million tokens.
Santiment's chart illustrates how whales increased pressure on buyers when MATIC hit a local minimum. At the current price of $0.52, the tokens they purchased are worth approximately $9 million. Nevertheless, it remains unclear whether they will continue buying or opt to secure their profits.
Investors Attempt to Prevent Litecoin (LTC) from Dropping to $50
Since the third Litecoin halving, LTC's price has been in freefall. However, after the asset plummeted to an annual minimum, whales began accumulating more LTC. Santiment's chart below shows that from September 11th to 14th, addresses with balances ranging from 100,000 to 1 million coins acquired an additional 55,000 LTC.
As LTC's price currently hovers around $63, the value of tokens purchased by whales amounts to approximately $3.5 million. It appears that major players have prevented a potential downturn of Litecoin towards $50, which was last seen during the FTX crash in November 2022.
Whales Keep Apecoin (APE) Afloat
This week, Apecoin's price hit an all-time low, dropping to a record low of $1.12. Similar to MATIC and LTC, large investors rushed to buy tokens at bargain prices. Santiment data shows that from September 10th to 14th, addresses with balances ranging from 1 million to 10 million Apecoin increased their holdings by an additional 4.65 million coins.
However, it seems that the actions of whales have not impressed retail market participants, as the APE price continues to fluctuate around $1.16.
