Towards the end of May, the cryptocurrency market witnessed a decrease in trading action as investors took profits following recent surges. Despite this temporary slowdown, several alternative cryptocurrencies have grabbed the attention of significant investors, known as whales, who are amassing positions in anticipation of potential price increases in June.
Dogecoin (DOGE) has become one of the assets that crypto whales are accumulating in anticipation of gains in June. This is evident from the notable increase in DOGE holdings among whale wallets containing between 1 million and 10 million tokens.
Data from Santiment reveals that over the past week, these DOGE whales added 30 million tokens to their wallets. Such accumulation activity by whales often acts as a powerful signal to regular traders, potentially boosting retail participation and driving up the value of DOGE as momentum builds in the market.
If the buying pressure persists, DOGE could resume its upward movement and reach $0.206. Conversely, if the accumulation by whales slows down and selling pressure intensifies, the token's value could decline to $0.175.
Another cryptocurrency of interest to crypto whales seeking gains in June is Layer-1 (L1) coin AVAX. The substantial uptick in the coin's large holders' netflow over the past week, reflecting a 474% increase, suggests that whale addresses are accumulating AVAX, indicating confidence in its potential future value.
Should the accumulation trend continue, AVAX could experience a surge towards $24.28. On the contrary, if whales start selling to secure profits, the coin's price may drop to $14.66.
Quant (QNT) has performed well amid the recent market downturn, posting gains of 7%. The token's approximately 10% rally seems to be driven by renewed investor interest following the debut of Overledger Fusion, a Layer 2.5 network aimed at connecting institutions, enterprises, and decentralized finance (DeFi) platforms.
The surge in whale accumulation, as shown by the 1083% rise in the token's large holders' netflow over the past week, indicates growing confidence in QNT's short-term outlook. If this trend of whale accumulation in QNT persists, it could propel the token's price to $115.20. Conversely, if selling activity picks up again, QNT may dip below $101.87 and potentially fall towards $93.52.