crypto Whales Active in Accumulating Ethereum, Toncoin, and Axie Infinity
In recent news, crypto whales have been making strategic moves by accumulating significant amounts of Ethereum (ETH), Toncoin (TON), and Axie Infinity (AXS) amidst the current Market downturn. This trend comes as the crypto Market experiences some turbulence, with Bitcoin and altcoins facing selling pressure in the first week of October. However, large holders of these altcoins are seizing the opportunity to buy the dips and position themselves for potential Growth in the near future.
Ethereum (ETH)
Despite facing selling pressure and a 10% decline in Price on the weekly charts, Ethereum remains a top choice for crypto whales. With the current Price of $2,420 and a Market cap of $291 billion, Ethereum presents an attractive buying opportunity based on on-Chain metrics like the Market value to realized value (MVRV) ratio.
The MVRV ratio for Ethereum indicates that the asset is trading below its historical cost, with the 30-day and 90-day ratios at -3.69% and -12.51%, respectively. This negative MVRV ratio signals a favorable buying opportunity for investors, prompting Ethereum whales to accumulate 200,000 ETH worth $476 million in the past week alone. Market analysts are optimistic about Ethereum's potential to surpass $10,000 in the upcoming bull run.
Toncoin (TON)
A standout performer in the crypto space, Toncoin (TON) has seen a remarkable rally this year, landing a spot among the top 10 cryptocurrencies by Market cap. The current Price of TON stands at $5.40, with a Market cap of $13.8 billion. Despite a 9% decline in Price over the past week, large TON holders have demonstrated unwavering confidence in the Altcoin's future Growth.
Notably, the netflow of large TON holders has surged by an impressive 1698% in the past seven days, indicating a strong accumulation trend among whales. These significant holders, who control over 0.1% of the circulating supply, are signaling a bullish sentiment towards TON's Price trajectory.
Axie Infinity (AXS)
Axie Infinity (AXS), the native Token of a popular play-to-earn platform, has garnered significant interest from crypto whales in recent weeks. Despite a 14% drop in Price, whales have been steadily accumulating AXS, suggesting a positive outlook for the Altcoin's future performance.
On-Chain Data reveals a steady increase in AXS transactions exceeding $100,000 since September 30. This uptick in large transactions points towards a shifting Market sentiment, with prominent players entering the Market with expectations of Price appreciation in the coming days.
As crypto whales continue to make strategic moves by accumulating Ethereum, Toncoin, and Axie Infinity, it reflects their confidence in the long-term potential of these assets. By monitoring whale activity and on-Chain metrics, investors can gain valuable insights into Market trends and potential opportunities for Growth.
Future Outlook in the crypto Market
Looking ahead, the crypto Market is poised for further developments in the coming months. With growing interest in blockchain gaming, nft trends, and play-to-earn Platforms, the landscape of crypto Investments is evolving rapidly. As more investors and institutions enter the space, we can expect increased volatility and opportunities for strategic accumulation.
FAQ
- What is the significance of crypto whales in the Market?
- How do on-Chain metrics like MVRV ratio influence investment decisions?
- What factors contribute to the rising popularity of Toncoin and Axie Infinity among crypto whales?
- What does the surge in large transactions for AXS signify for the Market?
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