This week saw a significant increase in cryptocurrency trading activity. This momentum peaked on Thursday when the leading token, Bitcoin, reached an all-time high of $111,988.
The renewed bullish sentiment in the market has attracted the attention of whales, who are actively accumulating selected altcoins.
Dogecoin (DOGE)
The leading meme coin Dogecoin is one of the assets that received significant attention from cryptocurrency whales this week. Santiment data shows an increase in the number of tokens on addresses holding between 100 million and 1 billion DOGE tokens. During the week in question, this group of DOGE holders acquired 740 million tokens, valued at over $180 million at current market prices.
This rise is happening against the backdrop of increasing market demand, which has raised the value of DOGE over the past few days. The meme coin is currently trading at a 10-day high of $0.24. This reflects renewed investor interest amid a growing bullish sentiment in the crypto industry.
Maker (MKR)
MKR, the governance token of the popular decentralized finance (DeFi) protocol MakerDAO, is another asset that saw increased whale activity this week.
This is confirmed by a 469% increase in the net flow of large holders over the past seven days, according to IntoTheBlock. The net flow of large holders measures the difference between the number of tokens that whales buy and sell over a certain period. When it increases, it signals strong accumulation by whales, indicating growing confidence and a bullish outlook for the asset.
Moreover, the three-digit increase in the net flow of large holders may encourage retail traders to also increase their MKR accumulation. If this continues, the altcoin may initiate a new phase of upward movement.
Official Trump (TRUMP)
Official Trump (TRUMP) is another altcoin that experienced increased cryptocurrency whale activity this week. On the eve of yesterday's dinner, where President Trump hosted 220 of the largest holders of his meme coin, whales were actively buying up large positions.
According to Nansen, the inflow of Smart Money into the altcoin exceeded $1.40 million over the past seven days, indicating growing interest from high-confidence investors. Smart Money typically includes hedge funds and institutional players known for timely actions in the market. The increase in TRUMP inflows indicates confidence in its short-term potential and may foresee a continuation of the upward trend if the momentum is maintained.