What Crypto Whales Are Buying for Potential Gains in December 2024

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.

Fantom Balance of Addresses. Source: Santiment

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.

Dogecoin Large Holders Netflow. Source: Santiment

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.  

Optimism Balance of Addresses. Source: Santiment

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.