Crypto whales' September 2024 top picks for potential gains
August saw a downturn in the crypto market, leading to price drops for many assets.
However, crypto whales have begun accumulating certain altcoins, anticipating potential gains in September.
The primary assets drawing whale interest include Toncoin (CRYPTO:TON), Uniswap (CRYPTO:UNI), and Lido (CRYPTO:LDO).
Toncoin's price fell by 21% since August 24, following the arrest of Telegram CEO Pavel Durov.
In response, TON whales increased their holdings, leading to a 307% surge in the large holders’ netflow, as reported by IntoTheBlock.
This metric, which tracks buying and selling activity of addresses holding over 0.1% of an asset’s circulating supply, indicates strong accumulation by whales.
Such a bullish signal can encourage retail investors to increase their holdings, potentially driving up demand and prices.
Uniswap’s token dropped by 27% over the past month, currently trading at $5.71.
Despite the decline, its negative market value to realized value (MVRV) ratio suggests it is undervalued, offering a potential buying opportunity.
When the MVRV ratio is below zero, it indicates that the asset's current price is lower than the average price of all its tokens in circulation.
Data from Santiment shows that whales holding between 1,000 and 1 million UNI tokens increased by 1% over the past month, reaching 5,595 addresses, the highest since January 10.
Lido, a leading decentralised finance protocol, has also attracted whale attention.
Whales holding between 100,000 and 1,000,000 LDO tokens now control 9% of the total circulating supply.
According to Santiment, the number of addresses in this category grew by 4% in the past month, indicating rising confidence in Lido’s potential for future gains.
These accumulation trends suggest that whales are positioning themselves to capitalise on potential price rebounds, reflecting renewed interest and confidence in these altcoins despite recent market volatility.
At the time of reporting, the Toncoin price was $5.59, the Uniswap price was $5.85, and the Lido DAO price was $1.07.
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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