Whales snagged these altcoins in early October 2024
Despite a market downturn in early October, crypto whales have continued to accumulate Toncoin (CRYPTO:TON), Ethereum (CRYPTO:ETH), and Axie Infinity (CRYPTO:AXS).
This buying trend comes even as major cryptocurrencies experience price declines, primarily driven by geopolitical tensions in the Middle East.
Toncoin (TON) has emerged as a key asset for large holders.
The coin, which is linked to Telegram, saw its price drop by 9% over the past week, falling to a low of $5.16.
However, crypto whales have shown strong confidence in its long-term growth.
According to IntoTheBlock data, Toncoin's whale netflow — the difference between the amount bought and sold by whale addresses — has surged by 1698%.
This indicates a significant uptick in accumulation, signaling optimism about its future price movement.
Ethereum (ETH) has also seen increased whale activity, despite a 10% drop in its value over the past seven days.
Ethereum's market value to realized value (MVRV) ratio currently sits in negative territory, with a 30-day ratio of -3.69% and a 90-day ratio of -12.51%.
Historically, negative MVRV ratios suggest a buy signal, as the asset trades below its acquisition cost.
Ethereum whales holding between 10,000 and 10,000,000 ETH coins have added 200,000 ETH, valued at $476 million, to their portfolios.
Axie Infinity (AXS), the native token of the play-to-earn platform, has seen a 14% price drop, but this has not deterred whale interest.
On-chain data from Santiment shows a steady rise in the number of AXS transactions exceeding $100,000 since September 30.
This increase in large transactions suggests that whales expect a potential price rebound for AXS in the near future.
At the time of reporting, the Toncoin price was $5.41, the Ethereum price was $2,411.19, and the Axie Infinity price was $4.65.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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