Crypto whales continue to make waves in the cryptocurrency market. Three recent moves are of particular interest to investors. Because the latest moves of whales show which altcoin projects are in the accumulation phase. Here are the details…
Most of these altcoin projects are in portfolios
First, Lookonchain, a web3 data platform, recently revealed that a whale investor has purchased a massive $2.46 million worth of Pepe tokens. The purchase, which also includes 70 Wrapped Bitcoin (WBTC) and 470 Ethereum (ETH), was made at an average price of $0.000003122. While Pepe is a meme coin with no real value or expectation of financial returns, it has gained immense popularity since its launch in mid-April.
In addition, Dogecoin whales have been accumulating large amounts of DOGE tokens since the beginning of April despite the decline in the price of the asset. According to data from crypto tracker Santiment, DOGE whales holding between 10,000 and 1,000,000 DOGE tokens have amassed about 200 million Dogecoins. As the growing popularity of meme coin Pepe challenges the dominance of Dogecoin and Shiba Inu, the continued accumulation of DOGE by whales could be a bullish sign for the asset’s short-term recovery.
Finally, Cardano (ADA) whales are doubling their holdings in the asset even as the bearish trend continues. Despite falling nearly 20 percent from its peak in April, ADA whales continued to invest in the asset, with over $100,000 worth of nearly $10 billion in large transactions in the last 24 hours. Over the past week, bulk sales of this size totaled $20 billion. While it’s unclear what information Cardano whales have, their activity suggests they’re buying the dip, given that they’re still down about 87 percent from the ADA’s 2021 peaks.
What do these purchases indicate?
The enormous amount of capital invested by crypto whales, particularly meme coins like Pepe and Dogecoin, highlights the unpredictable nature of the cryptocurrency market. These assets lack any intrinsic value or prospect of financial return, but their popularity among investors, especially retail investors, is undeniably increasing. Despite disclaimers stating that meme coins are completely useless and for entertainment purposes only, these assets have gained significant market cap and trading volume.
Despite the growing popularity of Pepe and the challenges of other meme coins like the Shiba Inu, the fact that whales continue to accumulate DOGE shows that investors still believe in the asset’s potential. As we reported on cryptokoin.com, while DOGE’s price is stagnant, bullish signs from whale activity show that investors are optimistic about their future prospects.
Finally, Cardano’s bearish trend despite recent positive developments has raised questions about the strength of its underlying fundamentals. However, the bullish activity of ADA whales shows that some investors are confident in the long-term potential of the asset. As the blockchain ecosystem remains highly developed and used, there may be opportunities for Cardano to recover and regain lost ground.
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