What Crypto Whales Are Buying for Potential Gains in July 2024

4 months ago 2

ARTICLE AD BOX

As June nears its end and market activity picks up in anticipation of a potential Spot Ethereum ETF launching in July, crypto whales have begun accumulating some assets.

Some of these assets include Lido (LDO), Aaave (AAVE) and Toncoin (TON).

Lido (LDO) Whales Fill Their Bags

LDO is the governance token of Lido Finance, Ethereum’s largest liquid staking protocol by total value locked (TVL). Trading at $2.41 as of this writing, the altcoin’s value has remained in an uptrend in the last week.

With anticipation building for an S-1 registration filing for spot ETH ETFs in the coming weeks, whales are accumulating LDO in expectation of a price surge once the ETFs launch.

The count of its LDO whales that hold between 1,000,000 and 100,000,000 tokens has risen by 2% in the last week. As of this writing, this cohort of LDO holders comprises 114 investors.

Notably, their count plunged to a year-to-date low of 111 addresses on June 15. However, with the possibility of a spot ETH ETFs launch in a few weeks, these whales have increased their LDO purchases in the last week.

Aave (AAVE) Sees Spike in Large Transaction Volume

AAVE, the governance token of Aave, a popular decentralized crypto lending, has witnessed an uptick in large transaction volume.

Over the past month, the daily count of AAVE transactions valued between $10,000 and $100,000 has surged by 128%. Likewise, bigger transactions valued between $100,000 and $1 million have seen their number surged by 186% during the same period.

When an asset’s large transaction volume rises, it indicates increased interest and activity from its large holders. It often suggests that these investors have confidence in the asset’s future performance.

AAVE has seen a notable uptick in demand in the past few days. At press time, it trades at $93.01, with its price above its 20-day Exponential Moving Average.

This key moving average measures an asset’s average price over the past 20 trading days. When an asset’s price crosses above it, it is a bullish signal that suggests a hike in buying activity.

Toncoin (TON) Climbs 15% in the Last Month as Whale Participation Surges

Toncoin (TON), the cryptocurrency linked to the popular messaging app Telegram, has soared 19% in the past 30 days. The altcoin recently climbed to an all-time high of $8.24 on June 15. As of this writing, TON trades at $7.59.

As holders anticipate further rallies, TON’s whales have intensified their accumulation. On-chain data reveal that the count of TON investors that hold between 10,000,000 and 100,000,000 tokens has increased by 12% in the past 30 days.

Read More: What Are Telegram Bot Coins?