Despite the lackluster performance of many cryptos this week, a few altcoins crypto whales bought and increased their exposure. 

In this analysis, BeInCrypto examines the top altcoins targeted by whales and explores the reasons behind their purchases. This week’s top picks include Immutable (IMX), Pendle (PENDLE), and Injective (INJ).

Immutable (IMX)

Immutable (IMX), the native token of the Ethereum-based layer-2 scaling solution Immutable, emerged as the top choice for crypto whales this week. 

Data from IntoTheBlock shows that the net flow of IMX held by large investors surged from 288,177 tokens to 16.02 million. This indicates a net purchase of around 15.71 million IMX tokens in October’s fourth week. 

At the current IMX price of $1.44, this influx amounts to approximately $22.62 million. According to BeInCrypto’s findings, this large accumulation could be linked to the upcoming token unlock, scheduled to take place in six days.

Read more: 10 Alternative Crypto Exchanges After Bybit Exits France

Despite this substantial buying activity, IMX’s price declined by 5% over the past seven days. However, if whales continue their accumulation, IMX could see a price rebound in the coming weeks.

Injective (INJ)

The Injective token is also part of the altcoins crypto whales bought this week. According to Santiment, the balance of addresses holding between 10 million and 100 million INJ moved from 80.49 million to 80.70 million. 

This surge in INJ accumulation indicates that crypto whales may anticipate a potential price increase. Additionally, the move could be tied to speculation that Go to Source to See Full Article
Author: Victor Olanrewaju