The week was marked by a significant intensification in the movement of the cryptocurrency market, especially in altcoins, culminating on Thursday (22) with a record value of $111,988 for Bitcoin. See the best.
This new appreciation push attracted the attention of investors, who began to increase their positions in various altcoins.
Dogecoin (DOGE)
The leading memecoin, Dogecoin, was one of the coins that saw the most interest from large investors in recent days. Data from the Santiment platform indicates a growth in the concentration of tokens in wallets holding between 100 million and 1 billion DOGE units.
DOGE ownership by large investors. Source: Santiment
During the analyzed period, this group of investors acquired 740 million DOGE tokens, valued at over $180 million at current market prices.
The rally occurs amid higher demand in the sector, which has driven the price of DOGE in recent days. The memecoin is priced at $0.24, the highest level in the last 10 days, reflecting renewed appetite among investors in light of the strengthening bullish sentiment among cryptocurrency market participants.
Maker (MKR)
MKR, the governance token of the decentralized finance (DeFi) protocol MakerDAO, also saw increased movement from large investors this week.
According to data from IntoTheBlock, the net flow of these investors grew by 469% in the last seven days, indicating greater capital inflow into the asset.
Net flow of large investors in MKR. Source: IntoTheBlock
The net flow of large investors represents the difference between the volumes acquired and sold by this group over a specific period. A significant increase in this indicator points to strong accumulation, signaling greater confidence and an optimistic outlook regarding MKR's performance.
This significant movement may also encourage retail investors to increase their positions in the asset. If the trend continues, the altcoin has the potential to initiate a new appreciation cycle.
Official Trump (TRUMP)
The Official Trump (TRUMP), an altcoin associated with the former President of the United States, also showed growth in the movement of large investors this week. Before the dinner held yesterday (22), where Donald Trump received the 220 main supporters of his memecoin, institutional investors began to acquire large volumes of the asset.
According to data from the Nansen platform, the volume of Smart Money investments in the altcoin exceeded $1.40 million in the last seven days, demonstrating increased interest from highly convinced investors.
Smart Money activity in TRUMP. Source: Nansen
Smart Money is typically composed of hedge funds and institutional investors recognized for their strategic movements in the market. The growth of investments in TRUMP indicates confidence in short-term appreciation potential and may signal the continuation of an upward trend if the current pace of capital inflow persists.
The article 'Altcoins bought by large investors in the fourth week of May' was first seen on BeInCrypto Brazil.
