The altcoin LDO has experienced a notable 18% increase in the past week, reaching its highest level in a year at $3.31. This surge raises questions about the intentions of major whales amidst this impressive rally. Upon examining on-chain data, two significant whales have been identified holding substantial amounts of LDO, with unrealized profits amounting to $46 million from 13.9 million tokens.
One whale associated with Amber Group, identified by the address 0xbee, holds 10.89 million LDO valued at $36 million, with an average purchase price of approximately $2.07, and has an unrealized profit of $13.3 million. Their last purchase was in December 2023. Another entity, Brevan Howard Digital, holds 3.03 million LDO worth $10 million across addresses 0x4c3 and 0x7d6, with an average buying price of around $1.76, and an unrealized profit of $4.7 million, last buying in July 2023.
The data suggests that these whales are not just weathering market fluctuations but also securing significant profits. The Amber Group-related whale at address 0xbee has achieved an unrealized profit of $13.3 million, a 59% increase. In contrast, Brevan Howard Digital’s whales, represented by addresses 0x4c3 and 0x7d6, have an unrealized profit of $4.7 million, an 88% increase, from holding 3.03 million LDO.
While LDO has seen an 18% increase, the actions of these leading whales are becoming significant indicators for the overall market. Their continued significant positions and substantial unrealized profits reflect a strong belief in the potential of the altcoin LDO.
Investors and enthusiasts are advised to closely monitor the movements of these prominent whales as they navigate the dynamic altcoin landscape. Understanding their strategies, entry points, and holding durations can provide valuable insights for making informed decisions in the ever-evolving world of cryptocurrency.