Crypto Whales Loaded Litecoin (LTC), Polygon (MATIC), and Avalanche (AVAX) in the Second Week of August

LTC reacted bullishly to it otherwise MATIC and AVAX remained down. Looking at the whale’s choices over the week wherein last week was for XRP, ONDO, and ADA

Crypto whales shifted their focus towards Litecoin (LTC), Polygon (MATIC), and Avalanche (AVAX) during the second week of August, displaying a mixed impact on their prices.

According to data from Santiment, LTC experienced a surge in whale buying activity, with a spike in the number of whale holders, particularly those holding more than 1% of the circulating supply. This buying activity suggests confidence among whales in the future growth of LTC.

Furthermore, the concentration of large holders, including whales and investors holding 0.1% to 1%, remained substantial at 48%. This metric is crucial for any asset to achieve sustained growth over the long term. However, it can also indicate a lack of distribution, which may be concerning in a bear market.

Over the past seven days, LTC enjoyed a 10.18% price increase and was trading at $67.34 at the time of writing. If whale accumulation continues to increase, LTC could experience further upward price movement.

In contrast, MATIC's performance throughout 2024 and earlier exhibited a downtrend. Key fundamentals, such as staking, dropped to 35%, and the price faced a 26.5% decline over a month.

Despite these negative indicators, MATIC found itself in the hands of crypto whales. Santiment's data revealed an increase in Polygon addresses holding 100,000 to 1 million tokens, and a surge in addresses holding between 10 million to 100 million tokens.

This activity suggested that whales were anticipating a positive development, possibly related to MATIC's upcoming migration to POL, which is scheduled to occur on September 4, 2024.

However, at the time of writing, MATIC's price remained largely unaffected by these developments, trading at $0.404 with a minimal 1.25% gain over the past 24 hours.

Finally, AVAX also entered the whale accumulation zone after experiencing a 35% increase in the Large Holders Netflow, indicating significant buying activity among whales.

Despite this, AVAX's price faced a 6.28% decline over the past seven days, which could be attributed to the upcoming token unlock, scheduled for August 19. This event will notably increase the circulating supply, potentially impacting the price surge.

To achieve a reversal into an upward trend, AVAX will require both sustained whale accumulation and a boost in positive social media sentiment.

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