Whales are Accumulating These Altcoins Heavily During the Bear Market!

The post Whales are Accumulating These Altcoins Heavily During the Bear Market! appeared first on Coinpedia Fintech News

The crypto space continues to trade sideways as it consolidates within the pre-determined ranges. Due to the prolonged accumulation phase, the market participants have diverted their attention from some of the altcoins. Hence, the whales quickly grabbed some of such altcoins which remained unattended for a long time. 

Litecoin (LTC) 

Litecoin is considered the most undervalued crypto in the market regardless of its 11 years of trading history & closely following Bitcoin’s principles, LTC price traded with a 2-digit figure. However, the fractals appear to change very soon as huge whale activity has been recorded by Santiment in the past few days. 

Litecoin’s whale activity spiked to an 11-month high, registering more than a million whale transaction count. Interestingly, 27 such whales were found carrying out transactions beyond $1 million. Meanwhile, the daily active address of Litecoin also spiked heavily recording levels above 192.52K. However, the LTC price continues to drain, due to the bearish captivity. 

Chainlink(LINK)

The oracle of DeFi space, Chainlink went highly unnoticed ever since the market corrected post the bull run in 2021. While the market sentiments failed to uplift the price as it remained below $10 since May 2022. Furthermore, the possibility of a pullback also emerges as the technicals presently are extremely bearish. In such a case, whale acquisitions may turn the tables for crypto. 

The key shark & whale addresses of Chainlink holding 10K to 1M have collectively added more than 4.73% or 43.31 million LINK worth nearly $312.7 million to their existing supply. Presently, these addresses hold nearly 17.61% of the supply, while the LINK price continues to consolidate heavily. 

These whale acquisitions may not have an immediate impact but investors become quite vigilant when whales are active. As major volatility may spike that could further impact the altcoin’s price, regardless of the direction. Hence whether Chainlink(LINK) & Litecoin(LTC) prices could be impacted by these acquisitions is pretty interesting to watch.