The cryptocurrency market saw a significant rise this week, driven by increased bullish momentum.
Bitcoin is leading this trend, achieving a new all-time high, reigniting optimism in the broader market. As often happens, Bitcoin's rise since the beginning of the week has driven other assets to rise, prompting major investors to take strategic steps in some altcoins.
Toncoin (TON)
TON coin is one of the assets that cryptocurrency investors bought this week. This is clearly reflected in the net flow from its largest holders, which increased by about 320% over the past seven days.
The net flow of large shareholders measures the difference between the amount of tokens that whales buy and sell over a specified time period.
When the net flow of major asset holders increases, wallets holding more than 1% of the circulating supply of assets accumulate more tokens. This indicates a growing confidence among these major asset holders and suggests a sustainable price increase if demand remains high.
Trading at $2.93 at the time of publication, TON coin rose by 5% over the past week. If whale accumulation continues, the altcoin may rise above $3 and attempt to stabilize above this price.
On the other hand, if demand decreases, TON may lose its recent gains and drop to $2.71.
Shiba Inu (SHIB)
The recovery in the broader cryptocurrency market extended to the memecoin ecosystem, with the market capitalization of the sector increasing by 25% last week.
This rise has revived interest from large investors, who have gradually increased their exposure to the SHIB memecoin.
SHIB has increased by 15% during the same period, currently trading at $0.0000132. If the bullish momentum continues, its price may rise to $0.0000146 in the near term.
However, sellers may be able to push the price of the memecoin down to $0.0000137 if they reappear.
Optimism (OP)
The OP cryptocurrency of the second layer (L2) is another altcoin that cryptocurrency whales are buying this week. According to IntoTheBlock, the concentration of the token in whale wallets increased by 1% over the past seven days.
At the time of publication, these wallets hold 2.61 billion OP, representing 61% of the circulating supply of the altcoin.
This increasing concentration shows the growing confidence of whales in the long-term value of OP, especially with the rising institutional demand for ETH as well.
OP's share increased by 23% during the past week, trading at $0.67 at the time of publication. If accumulation continues, it may push the price higher than $0.69.
Conversely, if the bears regain control, they may push the price of OP down to $0.54.