On-chain data reveals which coins whales are hoarding as the altcoin market calms down after FTX’s bankruptcy.
Altcoin whales are after these projects
Data from whale watching bot WhaleStats shows that the 1,000 largest Binance whales are heavily accumulating Cardano. One of the altcoins that BSC whales traded the most in the last 24 hours was ADA. Whales often accumulate piles during periods of decline or consolidation. Large investors often try to find the most affordable cost zone. According to WhaleStats, whales now gather around Cardano for this hunt.
https://twitter.com/WhaleStatsBSC/status/1593227676034236416
Cardano (ADA) is currently trading slightly lower at $0.324. ADA outperformed other altcoin competitors in November when FTX went bankrupt. It managed to hold on to the top 10 in the broadcast in losses exceeding 50 percent. Along with ADA, major investors have been keeping a close eye on meme tokens lately.
Whales continue to accumulate Shiba Inu (SHIB)
WhaleStats also shared today that the top 5,000 Ethereum whales hold $75.82 million worth of SHIB. According to the whale watching platform, MakerDAO ranks second with $21.9 million. This means a significant difference in the funding allocated by the whales. Despite the backlog, SHIB hasn’t been doing well lately, down 11% from last week. It seems that Ethereum whales continue to accumulate without being fooled by the price drop. According to many analysts, this is a bullish signal.
Meanwhile, whale activity wasn’t limited to SHIB, as XRP whales seem to be involved as well. According to data from whale watching service Whale Alert, a massive XRP transfer was detected on November 16. The data shows that a whale carried 350 million XRP worth approximately $133 million during the transaction.
This XRP was transferred by an anonymous whale who currently owns 1.32 billion XRP on Binance. The total value of the wallet is $507 million. Currently, 213 million XRP or $82 million is stored in the anonymous wallet where the whale transferred the XRP.
Another 1.2 million XRP poured into Binance wallet
On November 15, another 1.2 billion XRP flowed into the Binance wallet that performed the above transaction. The rise in XRP deposits seems strange in light of the fact that consumers are moving funds away from exchanges. Data from Coinglass reveals that 160,630 BTC was mined from exchanges last week. There are currently no signs of selling from the XRP whale, although analysts say that large entries are usually bearish signs.
Altcoin whales are active, Cardano community awaits this news
Besides the above whale trades, there is an important date that Cardano investors are waiting for. As you follow on Kriptokoin.com, Cardano founder Charles Hoskinson said that he will make a special announcement during the Edinburgh event. It was a project he said he had been working on for the past four years. The Cardano founder had announced at the end of October that “something special” was coming in November, without giving details. The “Edinburgh event” Hoskinson is talking about could be “IO Scotfest: The Age of Voltaire,” scheduled for 18-19 November and broadcast live from Edinburgh.
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