Top Altcoins Purchased by Crypto Whales in Early September 2024

In the initial days of September 2024, the cryptocurrency market saw a 5% decline in its total value, prompting many investors to pause their trading activities. Despite the overall market downturn, crypto whales have been actively accumulating alternative cryptocurrencies, including Polygon (POL), Ethereum (ETH), and the frog-themed meme coin Pepe (PEPE).

Polygon Ecosystem Token (POL)

Polygon recently transitioned its native token from MATIC to POL on September 4, adopting a 1:1 swap ratio. Following this change, the token experienced a significant uptake in whale investments, with the number of addresses holding substantial amounts of POL increasing by more than 90%. Now, 33 addresses hold 5% of POL’s circulating supply, indicating a strong interest from large investors, despite the token’s price remaining relatively stable at $0.38 post-migration.

Ethereum (ETH)

Ethereum has been encountering resistance around the $2560 mark, yet this hasn’t deterred whales from accumulating more of the cryptocurrency. The past week alone saw a 38% increase in the net flow of Ethereum’s large holders, signaling a potential upward movement in its price. Should this trend of whale accumulation continue, Ethereum might overcome its current resistance, aiming for a target price of $2868.

Pepe (PEPE)

The meme coin PEPE has also seen an uptick in interest from crypto whales, particularly on the Ethereum network. The number of addresses holding substantial amounts of PEPE surged to a new high of 69,000, marking a 1.2% increase in just one week. This growing interest is likely fueled by favorable metrics like the Market Value to Realized Value (MVRV) ratio, which recently indicated a buy signal despite standing at -5.67%, suggesting that PEPE might be undervalued and poised for growth.

Overall, while the broader market remains cautious, certain altcoins have captured the attention and investment of large-scale holders, hinting at potential shifts in market dynamics based on these targeted accumulations.

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