The second week of November 2024 has seen a surge in crypto whales’ activity, with large-scale investors strategically accumulating key altcoins amid improving market conditions. As the cryptocurrency market experiences heightened volatility, these substantial transactions could indicate a shift in sentiment or anticipation of better price performance.

The altcoins are drawing significant whale interest from established favorites to emerging tokens, highlighting diverse strategies among high-networth investors. That said, the top altcoins crypto whales bought include Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP).

Dogecoin (DOGE)

Dogecoin is one of the altcoins that crypto whales bought this week. This development could be linked to the bullish sentiment around the coin since Donald Trump approved Elon Musk’s proposed Department Of Government Efficiency department for the incoming US administration.

On November 8, the large holders’ netflow showed a negative reading, indicating that whales sold. This metric tracks the number of coins bought or sold by large investors. As of this writing, the same metric has increased to 1.72 billion. 

At Dogecoin’s current price, this figure indicates that crypto whales purchased about $636 million DOGE this week. This accumulation has also affected the coin’s value. In the last seven days, DOGE’s price has increased by 85% and surpassed the market cap of XRP. 

Should whales continue to buy, Dogecoin could rally higher than $0.37 in the coming week. If that does not happen, the cryptocurrency might remain range-bound and trade sideways.

Litecoin (LTC)

Litecoin is another altcoin that crypto whales bought this week. On November 11, 6.33 million LTCs were held by addresses that owned between 1 million and 10 million coins.

At press time, it has risen to 7.57 million, indicating that crypto whales purchased about $106 million worth of Litecoin in the second week of November 2024. Like DOGE, the accumulation has also impacted the altcoin’s value.

Over the last seven days, Litecoin’s price has increased by 20% and currently trades at $85.87. If whale accumulation continues, then LTC could get close to $100. On the flip side, if they decide to return to the sidelines, the price might decrease. 

Ripple (XRP)

Lastly, crypto whales also purchased Ripple (XRP) in large volume this week. This large accumulation could be linked to Robinhood’s decision to list the token as the US market seeks to gain regulatory clarity on cryptocurrencies. Further, the speculation that SEC Chair Gary Gensler could resign also spurred the accumulation. 

For instance, on November 12, the XRP held by the 1 million to 10 cohort was 3.82 billion. On the same day, the 10 million to 100 million cohort held about 6.79 billion XRP. But at the time of writing, the figures have climbed to 3.97 billion and 6.95 billion, respectively. This means that crypto whales purchased a combined 310 million tokens, valued at around $267 million.

As a result, XRP’s price increased by 56% within the past week while trading at $0.87. Should whales continue to pour money into it, the price could close in on $1. If not, it could experience a drawdown.

Undeniably, there has been a broader market pullback over the past couple of days. However, several AI-focused tokens have managed to post gains despite the downturn.

In this analysis, BeInCrypto highlights three AI coins with significant price growth.

AIOZ Network (AIOZ)

AIOZ, the native token of the AIOZ Network—a decentralized platform that leverages a global network of nodes to deliver content—has noted a 45.63% price surge over the past seven days. It is one of the AI tokens of the week to pay attention to. As of this writing, it trades at $0.75. 

At its current price, the altcoin trades above its 20-day exponential moving average (EMA). The 20-day EMA calculates the average price over the past 20 days, with more emphasis on recent data points.

This setup indicates a short-term bullish trend. It signals that buying pressure is prevailing and the asset is in an uptrend.

If AIOZ maintains this upward trend, its price may climb toward $0.79. A successful rally past this level may set it on the path to reclaim its year-to-date high above $1.

However, there is a catch. Its plummeting Chaikin Money Flow (CMF) indicates that the buying pressure is weakening. AIOZ’s CMF, which tracks money flows into and out of its market, is below zero at -0.02. 

When an asset’s CMF is negative during a price rally, buying pressure is waning, thus forming a bearish divergence. This divergence is a warning signal that the rally may not be sustainable and could face a reversal if the selling pressure continues.

AIOZ’s price may fall to $0.61 if this happens, invalidating the bullish outlook above.

Render (RENDER)

The price of the leading AI-based token Render (RENDER) has spiked by 34% over the past seven days, making it one of the top AI tokens of the week. During the week in review, the AI-based token rallied to a five-month high of $7.20 before witnessing a pullback over the past 24 hours due to the general market downturn. Nonetheless, it trades at $6.69 and still enjoys a bullish bias.

RENDER’s Parabolic Stop and Reverse (SAR) indicator confirms this bullish outlook. As of this writing, the indicator’s dots, which identify an asset’s trend direction and potential reversal points, rest below RENDER’s price. 

When the Parabolic SAR dots are positioned under an asset’s price, it suggests that the asset is enjoying upward pressure and the trend is bullish. Traders interpret this as a signal to go long and exit short positions.

If this trend persists, RENDER’s price will likely test resistance at $7.39. A successful breakout could propel the token towards $8.62.

However, if profit-taking activity resurges, this bullish outlook may be invalidated. The token’s price may fall to $5.87.

NEAR is another AI token that has performed impressively over the past week. It exchanges hands at $5.52 and has logged a 31% rally in the week under review. 

Its Elder-Ray Index confirms that the bulls remain in market control and are attempting to push NEAR’s price higher.  At press time, the indicator’s value stands at 1.07. 

The Elder-Ray Index measures the strength of buyers (bulls) and sellers (bears) in the market. When its value is positive, it generally means that buyers are stronger than sellers, indicating a bullish market sentiment. 

If buying pressure strengthens, NEAR’s price will break above resistance at $6.04 and attempt to trade at $6.74, a high last reached in June. 

However, shifting market sentiment from positive to negative will invalidate this bullish thesis. If selling activity gains momentum, NEAR’s price may drop below $5 to trade at $4.47.

Pepe’s Coinbase listing pushed its price to an all-time high of $0.000025 yesterday, November 14. However, due to the broader market correction, it has witnessed an 8% pullback over the past 24 hours.

Despite the dip, bullish sentiment around the meme coin remains strong. This suggests a potential revival of its uptrend and an attempt to reclaim its all-time high.

PEPE Traders Anticipate Further Gains

Yesterday, PEPE recorded a 75% intraday rally after leading cryptocurrency exchange Coinbase confirmed its listing on its spot market using a frog emoji. BeInCrypto reported that this coincided with Robinhood’s decision to list the meme coin, which drove it to an all-time high of $0.000025 during yesterday’s trading session. 

Although it has since slipped by 17% to trade at $0.000021 at press time, the meme coin continues to enjoy a significant bullish bias.

The positive reading from its Elder-Ray Index is one confirmation of this. As of this writing, it stands at 0.000011. For context, yesterday, it rose to 0.000018, its highest level ever.

The Elder-Ray Index assesses the strength of bullish and bearish pressures in the market. When its value is positive, it means that bull power is dominant. It indicates strong buying pressure in the market and offers a good opportunity for traders looking to take a long position.

Notably, PEPE’s funding rate confirms the preference for long positions among its futures traders. Per Santiment, the meme coin’s funding rate, which is the periodic fee paid to keep an asset’s contract price aligned with its spot price, is 0.013% at press time. 

When the funding rate is positive, long-position holders pay short-position holders to maintain their trades. This indicates that there are more buyers than sellers in the market, suggesting bullish sentiment, as it reflects higher demand for the asset and a willingness to pay to keep long positions open.

PEPE Price Prediction: It All Lies With the General Market

PEPE is currently trading at $0.000021. If broader market sentiment improves, the meme coin could break through the newly formed resistance at $0.000022. A successful breach would pave the way for the PEPE meme coin’s price to reclaim its all-time high of $0.000025 and potentially rally beyond it in the short term.

However, a sustained decline in demand would push PEPE’s price lower, invalidating the bullish outlook. In this case, the meme coin could drop by 17% to $0.000018. If selling pressure intensifies at this level, the PEPE meme coin’s price may slide further to $0.000015.