Large wallet investors, or “whales,” have recently shown increased interest in Ethereum-based altcoins. On-chain crypto intelligence trackers have noted significant buying activity of ENS, UNI, AAVE, LDO, and LINK tokens. This surge follows the SEC’s recent approval of the Ethereum ETF, which analysts interpret as a positive signal for the altcoin market.
Will the rising demand for altcoin undermine Bitcoin’s dominance and start an altcoin season? Let’s see what’s going on in the altcoin market.
Whale Wallets on the Move
According to Lookonchain, new whale wallets have been actively withdrawing substantial amounts of these altcoins from the centralized exchange Binance over the past week. The following tokens have been accumulated:
- Ethereum Name Service (ENS): 82,040 tokens worth $1.98 million
- Uniswap (UNI): 214,465 tokens worth $1.97 million
- AAVE: 39,762 tokens worth $3.97 million
- Lido (LDO): 2,389,987 tokens worth $5.54 million
- Chainlink (LINK): 65,541 tokens worth $1.13 million
This activity indicates strong confidence in these assets among fresh whale investors, potentially driven by the optimistic market outlook following the Ethereum ETF approval.
Following the ETF approval, the Ethereum ecosystem saw a 16% surge in 24-hour trading volumes, indicating heightened investor interest and activity. While some Ethereum ecosystem tokens have experienced notable price gains, the market has yet to see the explosive growth typical of a ‘true’ altcoin season.
Analysts Predict Altcoin Surge
Crypto analyst Dan Gamberdello highlighted that the SEC’s approval of the Ethereum ETF is bullish for altcoins, viewing it as an acknowledgment of Ethereum as a “commodity.” Another analyst, known as CryptoYoddha, believes that altcoins are poised for significant gains in the coming weeks, predicting that Ethereum’s strength and Bitcoin’s declining dominance will favor altcoin performance.
Vitalik Buterin Receives Starknet Grant
In related news, Ethereum co-founder Vitalik Buterin received 845,205 STRK tokens, worth approximately $1.07 million, from Starknet’s Locked Token Grant contract. This grant underscores Buterin’s early investment and ongoing involvement in Starknet, an Ethereum Layer 2 network designed to enhance scalability and efficiency. The strategic distribution of tokens to key blockchain figures like Buterin aims to foster further innovation and adoption of Starknet within the Ethereum ecosystem.
The next few months promise significant opportunities for investors in the altcoin market. Analysts forecast that five of the altcoins mentioned will outperform the rest of the market and provide massive returns.
Ready to join the altcoin revolution? Research and invest responsibly!
