Altcoin
Whales Bet Big on THESE 5 Altcoins as Ethereum ETF Approval Nears
Large portfolio investors, or “whales,” have recently shown increased interest in Ethereum-based altcoins. On-chain crypto intelligence trackers have noticed significant purchasing activity for ENS, UNI, AAVE, LDO and LINK tokens. This surge follows the SEC’s recent approval of the Ethereum ETF, which analysts interpret as a positive sign for the altcoin market.
With this increase in interest in altcoins, the question arises: could this challenge Bitcoin’s dominance and mark the start of an altcoin season? Let’s dive into the altcoin market to see what’s going on.
Whale wallet in motion
According to data from Lookonchain, new whale wallets have been actively collecting large amounts of altcoins from the centralized exchange Binance. Here’s a breakdown of their acquisitions:
- Ethereum Name Service (ENS): 82,040 tokens worth $1.98 million
- Uniswap (UNI): 214,465 tokens worth $1.97 million
- AAVE: 39,762 tokens worth $3.97 million
- Lido (LDO): 2,389,987 tokens worth $5.54 million
- Chainlink (LINK): 65,541 tokens worth $1.13 million
These purchases reflect growing confidence among large investors, perhaps encouraged by the positive outlook following the approval of the Ethereum ETF.
The Effect of ETF on Ethereum
Following the ETF’s approval, trading volumes in the Ethereum ecosystem increased by 16% in just 24 hours, indicating increased interest and activity from investors. While some Ethereum tokens have seen price increases, the market has yet to experience the explosive growth typical of a full-blown altcoin season.
Crypto analyst Dan Gamberdello sees the SEC approval as bullish for altcoins, marking Ethereum as a legitimate “commodity.”
Another analyst, known as CryptoYoddha, you think that altcoins are poised for significant gains in the coming weeks, predicting that Ethereum’s strength and Bitcoin’s declining dominance will benefit altcoin performance.
Vitalik Buterin receives a Starknet grant
In other news, Ethereum co-founder Vitalik Buterin received 845,205 STRK tokens, worth approximately $1.07 million, from Starknet’s Locked Token Grant contract. This grant highlights Buterin’s early support and continued involvement in Starknet, an Ethereum Layer 2 network aimed at improving scalability and efficiency. The distribution of tokens to key figures like Buterin aims to encourage further innovation and adoption of Starknet within the Ethereum ecosystem.
Looking ahead, the altcoin market promises significant opportunities. Analysts predict that the five altcoins mentioned above will outperform the others, offering substantial returns for investors ready to seize the moment.
Ready to join the altcoin revolution? Research and invest responsibly!