Crypto Whales Bought These Altcoins This Week

This week has seen a resurgence in trading activity in the crypto market. It is reflected by the spike in global crypto market capitalization, which has grown by $101 billion in the past seven days.

As traders regain their confidence, whales have been accumulating key altcoins, with Uniswap (UNI), PancakeSwap (CAKE), and Ondo (ONDO) emerging as some of the top picks. 

Uniswap (UNI)

The decentralized finance (DeFi) token UNI has received considerable attention from whales this week. This is highlighted by the significant surge in its large holders’ netflow during the review period. Per IntoTheBlock’s data, this soared by over 3900% in the past seven days.

Large holders refer to whale addresses that hold more than 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the amount of coins/tokens they sell and buy over a period of time.

When this rises, it signals an accumulation trend by these key investors. This reflects the bullish confidence UNI whales have in its short—to` long-term price performance. It could even prompt retail traders to follow suit, reducing the token’s supply and driving up its price. 

PancakeSwap (CAKE)

BNB-based CAKE is another altcoin that has caught the attention of crypto whales this week. This comes amid a surge in meme coin activity on the BNB Chain, making PancakeSwap the preferred DEX for many traders this week. As a result, demand for CAKE has spiked.

According to Santiment, previously inactive CAKE whales—holding between 100 million and 1 billion tokens—have become active once again. Over the past 24 hours, these large investors have accumulated 101 million CAKE, valued at over $250 million at current market prices.

If whale accumulation persists, it could cause CAKE to buck the broader market downtrend to record gains. 

Ondo (ONDO)

This week, the real-world asset-based (RWA) token ONDO is also on the crypto whales’ list. Per Santiment, whales that hold between 10,000 and 100,000 ONDO have purchased 1.08 million tokens in the past seven days.

This group of investors holds 60.44 million coins at press time. Should this prompt a market-wide ONDO accumulation phase, it could drive the altcoin’s price toward $0.95 in the near term. At press time, ONDO trades at $0.83.