Top 4 altcoins smart money investors are buying the dip in
Bitcoin and altcoins plunged Thursday and into Friday, continuing a trend that has been unfolding over the past few days.
Most altcoins were in the red, with the market capitalization of all cryptocurrencies excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins dropping to $580 billion, the lowest level since June 5.
Nansen data shows that some smart money investors are using the ongoing crypto crash as an opportunity to buy.
Smart money refers to individuals and institutions with a long track record of success in the crypto industry. In most cases, these investors buy when tokens crash and short when they peak. Here are some of the top altcoins that smart money investors are buying.
Aerodrome Finance
Aerodrome Finance (AERO), the biggest decentralized exchange on Base, is attracting smart money investors. Per Nansen, net buys on DEX networks stood at $180,000.
A likely reason for the buying is that Aerodrome Finance continues to gain market share on the Base network. Its DEX volume in the last 30 days was $15.4 billion, much higher than Uniswap and PancakeSwap, which handled $10.9 billion and $3.8 billion, respectively, on Base.
Another reason is a recent announcement by Coinbase that it would be integrating DEX networks on Base into the main Coinbase app, giving Aerodrome access to millions of users.
Freysa AI
Freysa AI (FAI) is another top altcoin that smart money investors are buying. Nansen data shows that these investors bought tokens worth $232,000 in the last 24 hours, even as its price crashed by 10%.
Freysa AI is a blockchain network on the Base blockchain. According to its website, it is an agent coordinating the Digital Twins network. Digital Twins is described as a user’s personal companion and second brain, representing users within a global network. FAI has a market capitalization of over $102 million.
AAVE
Smart money investors tracked by Nansen are buying Aave (AAVE), the biggest player in decentralized finance with over $27 billion in assets. They bought tokens worth $118,700 in the last 24 hours.
As crypto.news wrote, AAVE is being supported by strong technicals and fundamentals. It has formed a golden cross pattern on the daily chart, pointing to a potential surge toward its highest level from last year.
Fundamentally, AAVE has continued to gain market share in the lending and borrowing industry, with its total value locked (TVL) jumping to a record high. Further, GHO, its its stablecoin, has continued to attract investors, with its market cap rising to $218 million.
Virtuals Protocol
Virtual Protocol (VIRTUAL) is another top altcoin that smart money investors are buying. It recorded buy orders worth $60,000 and no sales in the last 24 hours.
Virtuals Protocol is one of the leading players in the artificial intelligence industry, helping developers build AI agents within minutes. A likely reason smart money investors are buying is that Meta Platforms recently invested $13 billion in Scale AI, signaling strong growth potential in the sector.
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