The crypto market ended February on a disappointing note, with many altcoins facing sharp declines. However, large investors, commonly known as whales, have been accumulating specific cryptocurrencies, signaling a potential price surge in March. Which altcoins are seeing increased whale activity? Let’s take a look.
Litecoin (LTC) Gains Whale Interest
Litecoin (LTC) has emerged as a favorite among whales. Despite the overall market downturn, LTC has remained relatively strong, losing only 7% in the past week while many other altcoins experienced double-digit drops.
Analysts attribute this buying pressure to speculation about a possible LTC ETF approval. Data from IntoTheBlock shows that large investors have increased their holdings by 233,280 LTC, indicating strong accumulation. If this trend continues, Litecoin could be one of the first altcoins to recover in March. However, if whales start selling, LTC’s price may face another downturn.
Uniswap (UNI) Sees Increased Accumulation
Another altcoin attracting whale attention is Uniswap (UNI). The decentralized finance (DeFi) project recently made headlines after the SEC dropped its investigation into the protocol. Despite this, UNI failed to see a significant price boost.
Still, data from Santiment reveals that wallets holding between 10 million and 100 million UNI have increased their balances to 110.88 million UNI, representing an estimated $750 million in holdings. If this whale accumulation continues, it could help erase February’s 22% loss. However, a drop in demand might push UNI’s price below $6.
Optimism (OP) Rebounding from Lows
The Ethereum-based layer-2 solution Optimism
(OP) is also gaining interest from whales. OP has struggled since the beginning of the year, dropping by 40%, leading many investors to lose confidence. However, large players have been buying the dip.
According to IntoTheBlock, whale activity in OP has surged, with 2.53 million coins accumulated. This suggests that buying pressure outweighs selling. If the trend continues, OP’s price could recover to $2. On the other hand, if interest wanes, OP could slide below $1.
As March unfolds, these altcoins could be ones to watch, especially if whale activity remains high. For more updates and expert analysis, stay tuned to Dey There.
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