- Wallets that recently entered the whale category are buying ENS, UNI, AAVE, LDO and LINK tokens on Friday.
- Data from on-chain crypto intelligence trackers notes the activity of large wallet investors in Ethereum-based altcoins.
- Crypto analysts say the Ethereum ETF approval is bullish for altcoins.
Wallets that recently turned into large investors, also identified as “fresh whale wallets” by on-chain tracker Lookonchain are accumulating Ethereum-based altcoins. The crypto tracker observed whale wallets created in the past week withdrew several altcoins from the centralized exchange Binance.
Whales are buying these five altcoins
Lookonchain noted fresh whale activity and identified that whale wallets created in the past week have withdrawn Ethereum Name Service (ENS), Uniswap (UNI), AAVE, Lido (LDO), and Chainlink (LINK).
The whale wallets created between 4 days and hours ago have withdrawn 82,040 ENS tokens worth $1.98 million, 214,465 UNI tokens worth $1.97 million, 39,762 AAVE tokens worth $3.97 million, 23,89,987 LDO tokens worth $5.54 million and 65,541 LINK tokens worth $1.13 million.
What altcoins on #Ethereum are fresh whale wallets buying?$LDO $AAVE $UNI $LINK $ENS
— Lookonchain (@lookonchain) May 24, 2024
0x43cA was created 4 days ago and withdrew 82,040 $ENS($1.98M) from #Binance 2 hours ago.https://t.co/A1BIRbZUbq
0xBbDC was created 4 days ago and withdrew 214,465 $UNI($1.97M) from #Binance… pic.twitter.com/KPUkEcWzpz
Crypto analyst Dan Gamberdello commented on the Ethereum ETF approval and noted that the approval is bullish for altcoins. Gamberdello interprets the Securities and Exchange Commission’s approval of the Ether ETF as Ethereum being considered a “commodity.”
Do you realize how bullish the Ethereum ETF is for altcoins?
— Dan Gambardello (@cryptorecruitr) May 24, 2024
SEC has basically just said ETH is a commodity.
This is huge for the SEC vs. Coinbase case.
ADA not a security
AVAX not a security
SOL not a security
Whales are likely approving these altcoins in response to the optimism from Ethereum ETF approval.
Analyst behind the X handle @CryptoYoddha notes that altcoins are getting ready to “show great pumps,” in the coming weeks. Yoddha believes Ethereum looks stronger and Bitcoin is losing its dominance, this setup is likely conducive for altcoin gains.
#Altcoins are getting ready to show us some great pumps in the coming weeks
— Yoddha (@CryptoYoddha) May 24, 2024
ETH looks stronger and BTC is losing the dominance pic.twitter.com/uVoInm6hc6
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
![VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-33758372_XtraSmall.jpg)
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
![Ethereum Classic price sets for a rally following retest of key support](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/EthereumClassic/ethereumclassic_XtraSmall.jpg)
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
![Celebrity meme coins lose their shine](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/crypto_matrix-637516561995093295_XtraSmall.jpg)
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
![Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
![Bitcoin: Will BTC manage to recover from recent market turmoil?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_closer_XtraSmall.jpg)
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.