Cryptocurrency whales have taken action for four altcoins. Accordingly, they plot a route for themselves in August. So which altcoins are whales turning to?
Crypto whales buy four altcoins
The altcoin market showed the first signs of a positive start to August 2023. On-chain data indicates that cryptocurrency whales are taking action. Accordingly, it shows that it has invested millions in the four major tokens in the top 50 crypto rankings.
In the first place is the cryptocurrency Arbitrum. Arbitrum (ARB) has dropped 14% in the last two weeks. But behind the scenes, bullish whale investors are buying the dip. On-chain data highlights the moves of cryptocurrency whales with 100,000 to 10 million ARB balances. It also shows that it added 98 million tokens to its wallet balances between July 15 and August 2. The market value of the received crypto money Arbitrum is approximately 112 million dollars.
Attack on cryptocurrency UNI
The Uniswap price rose above $6.50 on August 1, 2023 for the first time since April. The bears instantly started a slight correction towards $6.12. However, bullish trading activity among whales suggests that the UNI price rally may not be over yet. Remarkably, whale transactions involving UNI increased by nearly 600% between July 22 and July 31. This indicates that the uptick in increased whale trading activity is one of the key factors behind the continued UNI price increase.
Whale Trades tracks the trading activity of whale investors by collecting the daily number of confirmed transactions exceeding $100,000. Remarkably, the number of 139 Whale Transactions recorded on July 31 is Uniswap’s highest level of whale activity since February 16. If whales continue on this trajectory, the next target for UNI could be $8 in August 2023.
Cardano (ADA) big investors swimming upstream
ADA price and network activity are falling sharply. Despite this, resilient Cardano whale investors are swimming upstream to avoid a price crash. Despite the 2% price drop last week, crypto whales with 1 million to 10 million ADA balances continued to buy. The Santiment chart below points to this fact. It also shows that they added 150 million ADA to their wallet balances between July 14 and August 2.
Cryptocurrency ADA price is currently hovering around $0.30. The 150 million coins obtained in the last two weeks are worth $45 million. Such a large amount of input in such a short time is significant. It means that Cardano whales are positioned for a price rebound. If the Cardano whales continue this bullish stance, strategic investors could join in and unintentionally turn the tide in their favor.
SHIB attracts attention
In the typically volatile world of cryptocurrencies, unusual transactions often generate interest and speculation. Not long ago, the Shiba Inu (SHIB) community experienced such curiosity with the transfer of a massive 4.2 trillion SHIB tokens to three different addresses. The source and intent behind these transfers remains a mystery.
Six days ago, the first address labeled 0xd598Fe5e551DeAFbF52F77413b06049ad7394AE9 received 4.163 trillion SHIB. Interestingly, this address has retained massive ownership in a move that has kept the SHIB community on its toes. Where the tokens came from and why they didn’t move adds to the mystery.
Movement of other addresses
The second address 0x4216FD0f6Fc6E67fd949e31e62F52039dEa1801E also received a similar amount of SHIB. However, this transfer originates from an address affiliated with the popular cryptocurrency exchange Coinbase. Tokens did not remain stable in this wallet. They were sent to various places, leaving observers wondering about the purpose of these operations.
Finally, the third address, 0xf3b021632992127b796E598861ADed094110EE67, known as the oldest owner of over four trillion SHIBs, originally received its tokens from an address affiliated with Coinbase. Similar to the second address, this wallet also did not hold its tokens. Transferred cryptocurrency SHIB to other destinations.
The common point in crypto money addresses
The common point between these three addresses is their direct or indirect connection to Coinbase. This raises many questions. Looking at Kriptokoin.com, could these transactions be part of some internal testing for the exchange or an indication of future movements for SHIB on the exchange platform? Maybe it’s about providing some kind of liquidity or preparing for a major market event?
At this point, this remains just speculation. On the other hand, it should be noted that it is difficult to say anything definite at this point. Meanwhile, the market performance of the cryptocurrency Shiba Inu remains stable. On the other hand, after the successful break of the ascending triangle pattern, SHIB is showing promising signs.
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