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Kriptoteka > Market > AI > Crypto Whales Scoop Up Toncoin, ETH, and FET Altcoins
AI

Crypto Whales Scoop Up Toncoin, ETH, and FET Altcoins

marcel.mihalic@gmail.com
Last updated: September 14, 2024 3:52 am
By marcel.mihalic@gmail.com 3 Min Read
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The cryptocurrency market experienced a modest increase in trading activity this week, with the global market capitalization climbing by 3% during the seven-day period.

This heightened optimism has prompted whales to gather assets such as Telegram-associated Toncoin (TON), the prominent altcoin Ethereum (ETH), and the AI-focused Artificial Superintelligence Alliance (FET).

Toncoin (TON)

This week, Toncoin (TON) has captured the attention of crypto whales as its price continues to rise. This surge follows a week after Telegram CEO Pavel Durov publicly addressed his arrest in France.

As of the latest update, the altcoin is trading at $5.55, having experienced a 16% price increase in the last seven days, resulting in profits for many of its holders.

Read more: 6 Best Toncoin (TON) Wallets in 2024

toncoin supply distribution
Toncoin Supply Distribution. Source: Santiment

This has resulted in an increase in the number of whales involved in trading the altcoin. Data from Santiment indicates that the count of whale addresses possessing between 1,000 and 100,000 TON has reached 1,219, marking a 30-day high.

Ethereum (ETH)

This week, the net flow of large holders in Ethereum has surged by 109%. Large holders are defined as whale addresses that own more than 0.1% of the total circulating supply of an asset. Their net flow reflects the difference between the coins they acquire and those they sell over a designated time.

This accumulation has occurred despite Ethereum facing resistance at the $2,386 price point, demonstrating that whales remain undeterred by price hurdles.

eth large holders' netflow
Ethereum Large Holders Netflow. Source: IntoTheBlock

Whales are likely anticipating a price uptick as the market sentiment shifts from negative to positive. If ETH succeeds in breaking through the $2,386 resistance threshold, it may continue its upward trajectory toward $2,783.

Artificial Superintelligence Alliance (FET)

This week, the AI-focused asset Artificial Superintelligence Alliance (FET) has experienced a notable 25% increase in value. It has garnered additional attention from market players following reports that OpenAI aims to raise a new $6.5 billion in equity financing.

Read more: 9 Best Artificial Intelligence Stocks To Buy in 2024

FET supply distribution
FET Supply Distribution. Source: Santiment

According to Santiment, there has been an 11% rise in the number of crypto whale addresses holding between 10,000 and 1,000,000 FET. As of the latest update, this group includes 763 addresses, hitting an all-time high.

Disclaimer

In accordance with the Trust Project guidelines, this price analysis article is intended solely for informational purposes and should not be taken as financial or investment advice. BeInCrypto remains dedicated to delivering accurate and impartial reporting; however, market conditions can change without warning. Always perform your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been revised.

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