Crypto Whales Bought These Altcoins in the Fourth Week of December 2024

Whales bought significant amounts of Dogecoin (DOGE), Injective (INJ), and PAAL AI (PAAL), highlighting the increased interest in these coins. DOGE saw its whale addresses rise from 660 to 671 over the last week, alongside a 5% price increase, bringing its market cap near $47 billion.

INJ experienced renewed whale accumulation, with key address numbers climbing steadily, coinciding with a 6% weekly price gain and a $2 billion market cap. Meanwhile, PAAL surged 94% in 30 days, driven by the crypto-AI narrative.

Dogecoin (DOGE)

The number of addresses holding between 10 million and 100 million DOGE increased from 660 on December 20 to 671 on December 26, reflecting a continued trend of whale accumulation. This growth coincides with a 5% rise in DOGE price over the last seven days, bringing its market cap close to $47 billion.

The steady increase in large holders highlights growing interest among key market participants, which could potentially support the token’s price stability.

Number of Addresses Holding Between 10 million and 100 million DOGE. Source: Santiment

However, Dogecoin 24-hour trading volume has declined by 7.5%, suggesting a decrease in immediate market activity. Despite this, the ongoing accumulation by whales indicates sustained confidence in the asset, potentially laying the groundwork for future price growth.

If the trend of accumulation continues, DOGE may maintain its upward momentum, but the drop in volume also warrants caution, as reduced trading activity could limit near-term price volatility.

Injective (INJ)

After a period of inactivity, whales have resumed accumulating INJ since December 19.

The number of addresses holding between 100,000 and 1,000,000 INJ increased from 40 to 43, while those holding between 10,000 and 100,000 grew from 84 to 90 during the same period.

Number of Addresses Holding Between 10,000 and 100,000 INJ and between 100,000 and 1,000,000. Source: Santiment

Injective has gained 6% in the last seven days, recently reaching a $2 billion market cap. The increase in whale activity suggests confidence among significant investors, potentially supporting the token’s upward momentum.

This trend of accumulation could act as a positive signal for INJ price in the short term, reinforcing its recent performance and attracting additional market attention.

PAAL AI (PAAL)

Whales bought PAAL AI, which surged 94% over the past 30 days, benefiting from the growing interest in projects at the intersection of crypto and artificial intelligence. The number of wallets holding between 100,000 and 1,000,000 PAAL has increased from 477 on December 19 to 490, with this figure stabilizing over the last two days.

Number of Addresses Holding Between 100,000 and 1,000,000 PAAL. Source: Santiment

The stabilization in wallet numbers, despite the significant price increase, indicates that investors are holding onto their positions rather than selling into strength. This could reflect confidence in PAAL potential for further growth.

However, the stable wallet activity also suggests that the token might be entering a consolidation phase, where market participants wait for the next catalyst to determine its short-term direction.