Aave (AAVE), Cardano (ADA), and Avalanche (AVAX) Are the Altcoins That Crypto Whales Bought This Week

Investors often monitor the buying patterns of crypto whales, as these large players can heavily influence market prices. The first week of November 2024

Crypto whales have been funneling substantial funds into several altcoins in the first week of November 2024. Here are the top three altcoins that have attracted these large investments and the reasons behind their buying sprees.

Aave (AAVE)

AAVE, the native token of the decentralized lending platform Aave, is among the altcoins that crypto whales have bought this week. This trend is closely linked to Donald Trump’s recent election victory and his launch of a crypto project using the Aave protocol.

This move has drawn increased interest in AAVE and other decentralized finance (DeFi) tokens. Data from IntoTheBlock reveals that Aave’s large holders’ netflow surged by 1,000% over the last seven days, indicating substantial whale accumulation outpacing sales.

This influx of whales has also positively impacted AAVE’s price, reinforcing the significance of their buying power in the market. At press time, AAVE’s price was $182.95, with a 27% hike in the last 30 days. If whales continue to buy the token, the price could increase; otherwise, if they opt against it, the altcoin’s value might drop.

Cardano (ADA)

Another altcoin that crypto whales bought this week is ADA. According to Santiment, the balance of addresses holding between 100 million to 1 billion ADA was 2.83 billion on October 31. Today, that figure increased to 2.96 billion, indicating that crypto whales bought 130 million ADA this week. At the altcoin’s current price, this amounts to 55.90 million.

Due to the purchase, ADA’s price increased by 25.31% in the last seven days, making it the best-performing altcoin out of the top 10 cryptocurrencies. If whales continue to accumulate more tokens, ADA’s price might continue to increase. Otherwise, the altcoin’s value might decrease.

Avalanche (AVAX)

Last on the list of altcoins that crypto whales bought is AVAX. On November 6, AVAX large holders’ netflow was -85,700, indicating that whales had sold a lot of the altcoin. But as reports spread that BlacRock could launch its tokenization fund on the Avalanche blockchain, things changed, and whales began to buy the token.

As of this writing, the large holder’s netflow is 533,580, meaning that these stakeholders purchased over $15 million worth of the token. This accumulation also impacted AVAX’s price, which saw a 12% hike to $28.2 this week. Thus, if the altcoin continues to see such accumulation, the price can go higher; if not, it could consolidate or trade lower.