Top Altcoins Accumulated by Institutional Investors Amid Bitcoin Price Stagnation
In the world of cryptocurrency, Bitcoin’s price has been relatively stable following its halving event in April. This has led institutional investors to turn their attention towards altcoins, hoping to capitalize on a potential bull run once Bitcoin starts to rise again.
BeInCrypto has identified three tokens that have caught the interest of these large wallet holders.
First up is Cardano (ADA), which has been seeing increased accumulation by whales since November 2023. Despite this buying spree, the price of Cardano has not seen a significant bullish outcome. However, the interest from whales could potentially boost the altcoin’s price in the future.
Next, Toncoin (TON) has made its way into the top ten list of cryptocurrencies, surpassing popular tokens like Shiba Inu and Cardano. This surge in ranking was fueled by news of Telegram exploring an IPO, prompting whales to accumulate TON in anticipation of a rally. While the price of Toncoin has seen a significant rally in the past two months, it has since cooled down.
Lastly, Arbitrum (ARB) has been experiencing price corrections for the past two months, but large wallet holders have been accumulating ARB in hopes of preventing further decline. With an upcoming token unlock on May 16, whales may be looking to sell off their holdings to maximize profits before the market is impacted.
Overall, the actions of these crypto whales could have a significant impact on the prices of these altcoins. It will be interesting to see how these tokens perform in the coming weeks as the market continues to evolve.
