Crypto Whales Snatch Bargain Deals on 3 Altcoins Amid Downturn
Crypto whales have been taking advantage of the recent market downturn in altcoins to secure discounted deals worth millions. Three mega-cap altcoins, including Polygon (MATIC), have experienced significant inflows from whales after hitting historic lows. The question now is whether these discounted altcoins will deliver substantial gains for investors in the coming weeks.
Whales Stepped in After Polygon (MATIC) Dropped to New 2023 Low
Polygon (MATIC) is the governance token of the Polygon Network, a smart contract platform and Ethereum Layer-2 Scaling solution. The rise of competing Layer-2 solutions has caused a decrease in demand for MATIC. When Binance delisted support for Polygon assets from its NFT Marketplace, MATIC’s price dropped below $0.49 for the first time since May 2022.
However, a cluster of whale investors made timely capital inflows this week, causing an immediate rebound to $0.52. On-chain data reveals that whales holding 10 million to 1 billion MATIC tokens acquired an additional 17 million coins since September 10 when MATIC’s price fell below $0.53. The newly acquired tokens are now worth around $9 million.
Large Investors Swooped in to Prevent Litecoin (LTC) Dropping to $50
Litecoin’s (LTC) price has been plummeting since the halving event on August 2. As LTC miners and traders continued selling, the price hit a 2023 low of $58. However, crypto whales capitalized on the discounted prices and accumulated their holdings. Whales holding 100,000 to 1 million LTC coins intensified their buying pressure when the price reached $58 on September 12. They acquired an additional 55,000 LTC coins between September 11 and September 14. With the current price at $63, these coins are now worth $3.5 million.
Bargain Hunting Whales Keeping Apecoin From Going to Zero
Apecoin (APE), the native token of the Bored Ape Yacht Club ecosystem, hit an all-time low of $1.12 this week. Similar to MATIC and LTC, millionaire crypto whales also took advantage of the low prices to accumulate APE tokens. Whales with balances of 1 million to 10 million Apecoin increased their holdings by another 4.65 million tokens between September 10 and September 14. Despite this inflow, Apecoin’s price remains around $1.16.
Hot Take: Institutional Whales Boost Confidence in Altcoin Viability
Institutional entities and high-net-worth holders have significant influence in the blockchain ecosystem. The actions of crypto whales buying discounted altcoins like MATIC, LTC, and APE can instill confidence in the long-term viability of these projects for other investors. This positive perception may attract new participants and deepen adoption despite the current bearish market conditions.
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