Altcoins Whales Purchased This Week: October 2024 Analysis

Even though numerous cryptocurrencies struggled this week, several altcoins saw crypto whales increasing their investments.

This analysis by BeInCrypto delves into the altcoins favored by whales and the motivations behind their acquisitions. This week’s highlights feature Immutable (IMX), Pendle (PENDLE), and Injective (INJ).

Immutable (IMX)

Immutable (IMX), the native token of the Ethereum-based layer-2 scaling solution known as Immutable, has emerged as the leading selection among crypto whales this week.

Data from IntoTheBlock reveals that the net flow of IMX held by large investors skyrocketed from 288,177 tokens to 16.02 million. This signifies a net purchase of approximately 15.71 million IMX tokens during the fourth week of October.

At the current price of IMX at $1.44, this increase translates to around $22.62 million. BeInCrypto’s research suggests that this significant accumulation might be connected to the upcoming token unlock, set to occur in six days.

Read more: 10 Alternative Crypto Exchanges After Bybit Exits France

Despite this significant buying activity, IMX’s price fell by 5% over the past week. However, if whale purchases continue, IMX may experience a price recovery in the near future.

Injective (INJ)

Injective (INJ) has also been among the altcoins actively purchased by crypto whales this week. According to data from Santiment, the balance of addresses holding between 10 million and 100 million INJ increased from 80.49 million to 80.70 million.

This rise in INJ accumulation suggests that crypto whales could be anticipating a potential price boost. Furthermore, this accumulation might relate to speculation around Injective’s possible involvement in the Artificial Superintelligence Alliance merger.

Despite the accumulation, INJ’s price fell by 7% this week. Nevertheless, should whales continue to acquire the altcoin, a rebound could be feasible in the short term.

Pendle (PENDLE)

In contrast to the price trends of IMX and INJ, PENDLE experienced a price rise this week, increasing by 8%. During this upward trend, crypto whales opted to purchase the token, enhancing the trading opportunities for future yields on the Pendle protocol.

As of October 23, the net flow among large holders was recorded at 165,260. Currently, this number has increased to 1.33 million, indicating that whales have purchased roughly 1.16 million PENDLE tokens, valued at $5.42 million.

The precise reasoning behind the recent whale activity in Pendle remains unclear. However, the current buying trends might imply a “buy the dip” strategy, considering that PENDLE is valued at 37% below its all-time high.

Read more: Which Are the Best Altcoins To Invest in October 2024?

If this trend of buying continues, PENDLE could experience an upward surge in response to heightened demand. Conversely, if whales scale back their purchases, PENDLE’s price may be subject to downward pressure.