Crypto Whales Eye TRX, ETH, and CAKE This Week

The crypto market has experienced a notable rebound in activity this week. The uptick is reflected in the global crypto market cap, which has surged by 2% over the past seven days.

As the market shows signs of recovery, some altcoins are attracting the attention of major investors.

Tron (TRX)

Layer-1 coin TRX is on crypto whales’ radar this week, indicated by the rise in its large holders’ netflow. According to IntoTheBlock’s data, the metric has rocketed 160% in the past seven days.

Large holders are whale addresses that hold more than 0.1% of an asset’s circulating supply. Their netflow tracks the difference between the coins they buy and sell over a set period. 

When an asset’s large holders’ netflow spikes, it indicates that its large investors are purchasing more coins. This bullish signal could prompt retail traders to increase their coin accumulation, putting more upward pressure on the asset’s value. 

If TRX’s whales continue to fill their bags, its price could rally past $0.23 to reach $0.27.

Ethereum (ETH)

Leading altcoin ETH is another top pick for crypto whales this week. While the coin’s price remains within a range, whales that hold between 1 million and 10 million coins have acquired 250,000 ETH valued above $675 million in the past seven days.

At press time, this cohort of ETH whales holds 8.74 million coins, its highest since January 23. 

A sustained accumulation trend among ETH whales could trigger an upward breach of its current price range. If that happens, ETH’s price could trade above $3,000 in the near term. 

CAKE’s value more than doubled over the past seven days. This price surge has been accompanied by soaring daily trading volume, reflecting the high demand for the altcoin. 

CAKE’s large whales have not been left behind, as wallet addresses holding between 10 million and 100 million tokens have scooped up 6 million tokens during the week in review.

If accumulation persists, CAKE could see its value rocket above $3.