This week, the cryptocurrency market has witnessed a strong recovery, driven by increasing optimistic sentiment.
Bitcoin leads
Bitcoin has created a frenzy by reaching an all-time high just yesterday, igniting optimism across the entire market. As usual, Bitcoin's surge since the beginning of the week has led to the price increase of many other assets, prompting large investors to make strategic moves towards certain altcoins.
Toncoin (TON)
Toncoin, the coin associated with Telegram, is one of the assets that cryptocurrency 'whales' have actively purchased this week. This is clearly reflected in the net cash flow from large investors, which has increased by nearly 320% over the past seven days.
The net cash flow of large investors measures the difference between the number of tokens that whales buy and sell over a certain period. When the net cash flow of an asset shows positive growth, wallets holding more than 1% of the asset's circulating supply are accumulating more coins. This indicates increasing confidence among key investors and suggests a sustainable price increase if they maintain demand.
Currently, TON is trading at $2.93, recording a 5% increase in the past week. If the accumulation trend of whales continues, this altcoin is likely to surpass the $3 threshold and attempt to stabilize at this price level. Conversely, if demand decreases, TON may lose some of its recent gains and drop to $2.71.
Shiba Inu (SHIB)
The recovery in the cryptocurrency market in general has spread to the meme coin ecosystem, with the market capitalization of this sector increasing by 25% in the past week. This price surge has attracted the interest of large investors, leading them to gradually increase their investment in the leading meme coin, SHIB.
On-chain data shows that large wallets holding from 10,000 to 1 million tokens collectively bought 340 million SHIB in the past week. This group now holds 145.06 billion SHIB, marking the highest recorded balance and reflecting increasing trust among large investors.
SHIB has increased by 15% in the same period and is currently trading at $0.0000132. If the optimism continues, this token could extend its gains to $0.0000146 in the near future. However, if retail investors return, the price of SHIB may drop to $0.0000137.
Optimism (OP)
The Layer-2 (L2) coin OP is another altcoin that cryptocurrency whales have purchased this week. According to a report from IntoTheBlock, the historical concentration of the token in whale wallets has increased by 1% over the past week. Currently, these wallets hold 2.61 billion OP, accounting for 61% of the circulating supply.
The rise in this concentration indicates growing confidence among whales in the long-term value of OP, especially as demand from institutions for ETH also rises sharply. OP has increased by 23% in the past week and is currently trading at $0.67. If the accumulation trend continues, the upward momentum could push it above $0.69.
Conversely, if the bears regain control, they could push the price of OP down to $0.54.