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In the first week of December 2024, crypto whales actively made significant moves, purchasing up a diverse range of altcoins. This buying spree reflects their growing confidence in these cryptocurrencies, likely fueled by favorable macroeconomic conditions or speculative opportunities.
As these whale activities continue to shape the market, here are the top three altcoins they purchased this week.
Worldcoin (WLD)
Worldcoin leads the altcoins crypto whales purchased this week. According to IntoTheBlock, the WLD’s large holders’ netflow, which measures the difference between the number of tokens whales bought and sold, was negative on December 4.
However, today, that figure has increased to 57.25 million, indicating that crypto whales accumulated Worldcoin in large volume.
At the current price, this accumulation is worth approximately $220 million. It appears that these notable purchases impacted Worldcoin’s price, which increased by 35% to $3.86.
Worldcoin Large Holders Netflow. Source: IntoTheBlock
If whales continue to buy the altcoin, WLD could climb toward $5. However, a rise in large holders’ selling could invalidate the prediction and lead the price down.
Mantle (MNT)
MNT, the native token of the layer-2 network on Ethereum Mantle, is part of the altcoins crypto whales bought this week. The decision to buy MNT could be linked to the performance of ETH.
Historically, when Ethereum’s price rallies, other altcoins linked to it tend to perform better. So, it was not surprising that Mantle’s price climbed to $1.23 during the week. Based on BeInCrypto’s findings, this development could also be linked to the notable accumulation of whales.
Mantle Balance of Whale Addresses. Source: Santiment
According to Santiment, Mantle addresses holding 10 million to 100 million tokens increased their balance by over $4 million this week. Thus, if the balance of these addresses continues to rise, so will MNT’s price. On the other hand, a decrease in their holdings could draw the price further down.
Bitcoin Cash (BCH)
Bitcoin Cash, the 2017 hard fork of Bitcoin, is also one of the top altcoins crypto whales purchased this week. According to IntoTheBlock’s data, the large holders’ netflow dropped significantly on December 4.
But as of this writing, it has increased to 56,830, indicating that crypto whales purchased $33.70 million worth of the altcoin. This development could be linked to Bitcoin’s price increase to $100,00, especially as the fork of the number one cryptocurrency has a strong correlation with it.
Bitcoin Cash Large Holders Netflow. Source: IntoTheBlock
Going forward, if BTC continues to rise, then Bitcoin whales might continue to purchase more of the cryptocurrency. In turn, this could drive BCH prices higher. However, if crypto whales decide to lower their buying power, this might not happen.
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