Crypto whales activity on altcoins are increasing in July, especially for Shiba Inu (SHIB), Polygon (MATIC), and AAVE. At a time when Bitcoin (BTC) has failed to show significant movement, SHIB, MATIC, and AAVE prices have jumped almost 12%, 19%, and 18%, respectively in July.
Crypto Whales Accumulates SHIB, MATIC, and AAVE
According to WhaleStats, Shiba Inu (SHIB), Polygon (MATIC), and AAVE tokens are trending since July 1. These tokens along with Uniswap (UNI) and The Graph (GRT) are among the most purchased tokens by the biggest Ethereum (ETH) whales in the last 24 hours.
Also, Shiba Inu (SHIB), Polygon (MATIC), and AAVE are also the most purchased tokens by the top 5000 whales in the last week. Interestingly, whales hold around $614 million worth of Shiba Inu tokens. The announcement of SHI stablecoin and TREAT reward token by Shiba Inu’s lead developer Shytoshi Kusama spurred excitement in the SHIB community. Treat will also be used to derive rewards for the Metaverse and the Shiba Collectible Card Game.
The SHIB price has jumped nearly 5% in the past 24 hours, with the current price at $0.0000107.
Meanwhile, Polygon has increased its influence in the NFT market this week. For instance, The Sandbox added LAND deployment on Polygon. Moreover, Polygon has partnered with phone maker Nothing to bring Web3 technology to mobile users.
Today, Robinhood has added support for the MATIC deposits and withdrawals. Also, Reddit has announced an NFT-based avatar marketplace in partnership with Polygon. These latest developments have pushed the prices to rise 6% today, with the price currently trading at $0.55.
AAVE price has jumped significantly on the back of whale accumulations this week. ETH whale “BlueWhale0079” bought 24,999 AAVE tokens today. Also, it was the most traded token among the top 100 whales in the last 24 hours. At the time of writing, the AAVE price is trading up nearly 5% at $64.64.
Will the Price Rally Sustain?
As per the recent announcements regarding the SHIB, AAVE, and MATIC, the tokens could rise more on the back of the high trading volume seen in the last few days.
Moreover, whale accumulations are a bullish signal of an upcoming rally in price. Also, the recent growth across the crypto market may also back a rally in these tokens.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.