Crypto Whale Tracker Reveals Accumulation Strategy on 4 Essential Altcoins

In the dynamic world of cryptocurrencies, the actions of “whales” – large-scale investors – are often seen as harbingers of market trends. Recently, on-chain data from Lookonchain, a renowned on-chain analytics platform, highlighted a notable accumulation pattern in four specific altcoins: Maker (MKR), ssv.network (SSV), Coin98 (C98), and RSS3.

These four altcoins have emerged as the main targets of the whales’ accumulation efforts, as indicated by the significant withdrawals of these assets from Binance, a leading cryptocurrency exchange. This movement suggests a growing interest from these investors in these altcoins.

Lookonchain delved deeper into these whales’ transactions, revealing fascinating details. A new wallet, dubbed “0xB4aE,” gained notoriety by withdrawing 10 million RSS3 tokens, valued at around $1.44 million, from the OKX exchange. This transaction highlights the growing interest in RSS3, a lesser-known crypto asset.

1/ We noticed that whale/fresh wallets are accumulating $MKR, $SSV$C98 and $RSS3.👇 pic.twitter.com/AOIlNTVyux

— Lookonchain (@lookonchain) November 22, 2023

At the same time, the “0xb6a7” wallet withdrew 114,227 SSV tokens from Binance, totaling approximately US$1.93 million. This same investor also transferred 2.77 million C98 tokens from Binance, indicating a bullish stance towards these altcoins. These transactions exemplify strategic moves by whales, often with the aim of influencing market dynamics in their favor.

Another prominent participant is the “0x9e74” whale wallet. Since July 2023, this investor has consistently withdrawn Maker (MKR) tokens from Binance. The most recent transaction involved moving $1.7 million worth of MKR, bringing the total value of MKR withdrawn to around $6.9 million. This steady accumulation indicates strong confidence in the future of Maker, part of the MakerDAO ecosystem and a key player in decentralized finance (DeFi).

These whale moves highlight a broader trend in the crypto space, where informed investors are increasingly focused on altcoins with solid fundamentals and significant growth potential.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.