Cryptocurrency Market Reacts to Geopolitical Tensions in the Middle East; Whale Activity Focuses on Toncoin, Ethereum, and Axie Infinity
Toncoin (TON)
Despite a recent price decline, Toncoin (TON) has piqued the interest of crypto whales, who continue to accumulate the token. Its current price of $5.35 reflects a 9% drop over the past week, with whale addresses showing a significant increase in netflow by 1698%.
Whale Accumulation Indicates Long-Term Confidence in Toncoin
Large holders of TON, defined as addresses holding over 0.1% of the circulating supply, have been actively adding to their positions, signaling a bullish sentiment towards the altcoin.
Ethereum (ETH)
While Ethereum (ETH) has experienced a 10% decline in value, its negative Market Value to Realized Value (MVRV) ratio suggests a buying opportunity. With a 30-day MVRV of -3.69% and a 90-day MVRV of -12.51%, traders are eyeing the dip as a chance to enter the market.
Whales Capitalize on Ethereum’s Dip
Whales holding significant amounts of ETH have taken advantage of the price drop, adding 200,000 ETH valued at $476 million to their portfolios in the past week.
Axie Infinity (AXS)
Despite a 14% decrease in price, Axie Infinity’s native token, AXS, has witnessed an uptick in whale transactions. Large players appear to be accumulating AXS, as evidenced by a rise in daily transactions exceeding $100,000 since September 30.
Whale Activity Signals Positive Market Sentiment for Axie Infinity
The increased number of large transactions involving AXS could indicate a positive outlook on the token’s future price performance.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
