According to the on-chain analytics platform LookOnChain, some large whale wallets have been accumulating 4 altcoins recently – AAVE, Maker (MKR), Immutable X (IMX), and Fetch.ai (FET).
Specifically, an address starting with 0x04e9 withdrew 47,096 AAVE worth $4.7 million and 2,251 MKR worth $3.18 million from Binance 10 hours ago. This shows a wealthy crypto investor sees value in these two decentralized finance coins at current prices.
Additionally, 3 fresh wallets funded from the same parent address withdrew a total of 2.57 million IMX worth $6.33 million from Binance 12 hours ago. This also signals confidence in IMX’s future growth potential.
Finally, address 0x6e8c withdrew 1.57 million FET worth $1.13 million. FET powers the Fetch.ai decentralized machine learning network, which has seen increasing adoption recently.
Interestingly, despite these large altcoin purchases by whales, prices of these 4 cryptocurrencies were relatively flat over the weekend, with modest 1-2% drops at most. This means the whales were able to accumulate substantial positions without significantly moving prices up.
The purchases signal long-term conviction in these coins from wealthy crypto investors. With fresh capital flowing into them while prices hold steady near recent lows, AAVE, MKR, IMX, and FET could be gearing up for their next leg higher. We’ll be keeping an eye on their price action this week to see if the whales’ bets pay off.
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