Crypto Whales Bought These Altcoins in the Third Week of July 2024

Points

• Crypto whales are influential in the market, with their buying decisions impacting price movements.
• Uniswap （UNI）, Dogecoin （DOGE）, and Injective （INJ） were significant buys for whales in July 2024.
• Uniswap saw a 1,570% increase in large holder inflows, with whales buying 6.3 million UNI tokens.
• Dogecoin addresses holding large amounts increased, suggesting potential future price growth.
• Injective’s large holder netflow surged by 141.50%, helping to recover some of its previous losses.

In the ever-evolving cryptocurrency market, the buying decisions of crypto whales—those holding large amounts of cryptocurrencies—often signal potential price movements. The third week of July 2024 saw significant activity from these influential players, particularly in Uniswap （UNI）, Dogecoin （DOGE）, and Injective （INJ）.

Uniswap （UNI）, the token of the largest decentralized exchange on the Ethereum blockchain, experienced a notable influx from large holders. According to IntoTheBlock, the inflows increased by a staggering 1,570% over the past week. This surge began around July 14, with the highest accumulation occurring on July 16, when whales purchased 6.3 million UNI tokens. At the time of writing, UNI was priced at $7.91. This buying spree appears to be in anticipation of the upcoming launch of the spot Ethereum ETF on July 23, which is expected to boost Ethereum-related altcoins like Uniswap.

Dogecoin （DOGE）, another favorite among crypto whales, also saw increased activity. Data from Santiment revealed that the number of addresses holding between 10 million and 1 billion DOGE grew significantly. As of July 19, there were 591 addresses holding between 10 million and 100 million DOGE, and 130 addresses holding between 100 million and 1 billion DOGE. Despite a 14.99% price increase over the past week, DOGE’s price could see further gains if whale activity continues to rise.

Injective （INJ）, a token from the DeFi-based blockchain, was another top choice for whales. The Large Holders’ Netflow for INJ increased by 141.50% in the past week, indicating more buying than selling. This heightened activity drove Injective’s price to $26.88, although it remains 49.38% below its all-time high. Continued whale interest could help close this gap, potentially leading to further price increases.

These buying patterns highlight the significant impact of whale activity on the cryptocurrency market. Their movements not only reflect confidence in certain tokens but also often precede broader market trends. As such, monitoring whale activity can provide valuable insights for other investors.

解説

• Whale activity in the cryptocurrency market can serve as a leading indicator of potential price movements. Large purchases by whales often lead to increased confidence among other investors, driving up prices.
• The impact of significant events, such as the launch of new financial products like ETFs, can create speculative opportunities for whales, who may buy in anticipation of price increases.
• The distribution of tokens among a few large holders can lead to price volatility. If these whales decide to sell, it can lead to significant price drops, underscoring the importance of tracking whale movements.