Whales consistently play a significant role in shaping crypto market prices, making it worthwhile to track their buying activity for potential gains.

In this analysis, BeInCrypto highlights the top altcoins that whales are accumulating. For December, these include Fantom (FTM), Dogecoin (DOGE), and Optimism (OP).

Fantom (FTM)

FTM, the token of Layer-1 blockchain Fantom, tops the list of altcoins that crypto whales are buying for December. According to our findings, whales are buying this token largely because of the upcoming final transition from Fantom to Sonic, whose Shard snapshot is expected to take place on December 1.

According to Santiment, the balance of wallet addresses holding 1 million to 10 million FTM was about 202 million on November 24. But today, it has increased to 208.74 million, suggesting that whales could be gearing up for a notable FTM rally.

If that continues, then Fantom’s price could climb toward $2 in December 2024. However, if these stakeholders decide not to continue accumulating, that might not happen, and FTM might drop below $1.

Dogecoin (DOGE)

Like previous months, Dogecoin is again on the list of coins that crypto whales are buying for potential gains in December. According to IntoTheBlock, the large holders’ netflow has increased from its value some days back.

This netflow measures the difference between the value of coins that whales bought and sold. When it is negative, whales are selling more coins. 

Some days back, the coins held by whales were about 642 million. But as of this writing, it has risen to 1.72 billion, indicating that whales have accumulated over $1 billion worth of DOGE within the last few days.

If they continue to buy, Dogecoin’s price might continue to rise as December comes. If not, the cryptocurrency’s value could shrink. 

Optimism (OP)

Optimism, the Layer-2 project built on Ethereum, is another project that crypto whales are buying. While OP does not have any major development going on, it appears that the sentiment that ETH’s price could climb in December is one of the reasons whales are buying.

Historically, when Ethereum’s price increases, OP rises by a more significant figure. According to Santiment, the balance of addresses held by wallets holding 10 million to 100 million OP tokens has increased significantly.  

If this trend continues, then OP’s price might experience a notable rally in December, with possible targets at $4. However, investors might need to watch out. Should crypto whales stop buying, this might not happen. Instead, OP could drop below $2.

Artificial Superintelligence Alliance (FET) has been on an uptrend, gaining 31% over the past week. This rally is driven by increased whale accumulation, indicating heightened interest from large-scale investors.

FET’s double-digit price surge has brought it near the upper boundary of the horizontal channel it has traded within since June. The key question is whether this momentum will trigger a breakout above this critical resistance level.

FET Whales Drive Rally

BeInCrypto’s analysis of FET’s on-chain performance has revealed a significant rise in whale accumulation over the past week. Data from Santiment reveals that, in the past seven days, whale addresses holding between 10 million and 100 million FET tokens have collectively purchased 106 million tokens valued at $174 million at current market prices.

When whales accumulate more coins, it signals confidence in the asset’s future value. This heightened demand often influences retail interest, which increases buying pressure and drives up the asset’s price. 

This surge in whale accumulation is largely attributed to FET’s undervalued status, as indicated by its negative market value to realized value (MVRV) ratio. Santiment reports that FET’s current MVRV ratio stands at -86.25%.

The MVRV ratio compares an asset’s market capitalization to the total value of coins purchased at their realized price, offering insights into whether the asset is overvalued or undervalued relative to its historical cost basis.

Historically, investors view negative MVRV ratios as a buying opportunity, recognizing that the asset trades below its historical acquisition cost and may rebound. This expectation of a rebound has led FET whales to increase their holdings in recent days.

FET Price Prediction: A Rally Above $2 Is Possible

On a daily chart, FET has traded within a horizontal channel since June. This channel is formed when an asset’s price fluctuates between parallel support and resistance levels, indicating a period of consolidation or range-bound trading. Since June, FET has faced resistance at $1.72 and has found support at $1.09.

At press time, FET trades at $1.63, attempting to break above the upper line of this channel. If successful, this will propel its price to trade at $2.09. Conversely, a failed attempt to breach resistance will send FET’s price toward support at $1.35.