As 2023 nears its end, altcoins are competing to close at higher levels, with many cryptocurrencies multiplying their prices by 2, 3, 4, and even 10 times in December. Investors are excited by the anticipation of a strong start to 2024, while whales are utilizing the holiday season to accumulate two specific cryptos.
After whales began purchasing, LINK Coin’s price surged by nearly 10% to $16.25. Data from Spotonchain revealed that a whale wallet identified as 0x8ead withdrew $2.05 million worth of 136,146 LINK from Binance. Over the last nine days, this whale has accumulated and moved a total of 348,007 LINK, valued at $5.58 million.
LINK Coin reserves on centralized exchanges have decreased by 175,090 tokens, with a weekly depletion reaching 400,000. The expanding staking pool is expected to significantly increase demand, and the potential for growth in the coming year is likely to drive purchases.
The excitement in the Real-World Assets (RWA) space and the increasing utility of LINK Coin suggest that LINK might experience a real bull run next year.
MAKER (MKR) Coin is also performing strongly, hovering around the $1,500 mark. The popular altcoin continued the day with an increase of nearly 8%, up from $1,355 at the same time yesterday. A newly created wallet, 0xe68e, withdrew 3,150 MKR Coins from Binance today, representing a significant $4.6 million when considering Binance’s total volume of $12 million.
The exciting aspect is that even a few million dollars in purchases can push altcoins into double-digit gains during this hype period due to the lack of market makers. A negative net flow on centralized exchanges indicates a contraction in MKR Coin supply, which naturally could continue to drive up the price. With high expectations for 2024, investors are anticipating increases, but the crypto market is known for its characteristic sharp declines. If MKR Coin avoids those surprises, it could reach new highs in January 2024.