Whale movements keep coming. Especially for 2 altcoins, the expectation of huge rise is striking. Let’s look at the details.
Altcoin DOGE attack from whales
Of course, past results do not guarantee future performance. However, this technical breakout will definitely be bullish for investors of altcoin Dogecoin (DOGE). A lot of crypto investors have been showing interest in Dogecoin (DOGE) lately. According to data from crypto analytics platform IntoTheBlock (ITB), there has been a significant increase in the total amount of DOGE held by large investors, also known as “whales,” this week.
Previously, there were only 770 large transactions involving altcoin DOGE as of July 16. But now that number has increased to 1,300. These major transactions are those involving more than $100,000 in altcoin DOGE. At the time of writing, altcoin Dogecoin (DOGE) is trading at $0.071. Accordingly, it is facing a minor resistance at $0.072. Around this price, 8,180 Dogecoin addresses bought a total of 382.79 million DOGE. There is the next important resistance range for Dogecoin. It ranges from $0.072 to $0.085, with 40.22 billion DOGE purchased by 599,390 addresses. These levels can potentially act as a barrier to block further price increases.
Altcoin XRP gains popularity after receiving regulatory approval in the US
The number of whale wallets has increased, each holding at least 100 million altcoin XRP. Accordingly, this indicates the significant interest of large-scale investors. Continuous accumulation and disposal cycles from whales can positively affect the liquidity and volatility of the token.
The Ripple-related digital token XRP has remained in the limelight ever since it received regulatory approval in the United States. The non-securities classification seems to have whetted the appetite of large-scale investors, popularly known as whales. There has been a significant increase in these wallets. But what does this mean for the day trader?
Ripple in whales: Bigger is better?
Santiment, a cryptocurrency market intelligence platform specializing in on-chain analytics, reported through a social media post that the number of XRP whale wallets has grown significantly. These high-value wallets each hold at least 100 million altcoin XRP. Accordingly, this corresponds to a large value of at least 74 million dollars.
The increase, reaching 199 addresses of this magnitude, matches the highest number recorded since May 13. This is undoubtedly an important development in the XRP ecosystem. On the other hand, it may indicate an upward trend in investor confidence or market dynamics.
Historical dance of XRP whales
Looking at Santiment’s chart, we see that there were 200 XRP whales actively accumulating the digital token when its price was below $0.40 in July 2022. However, when the value of XRP exceeded $0.518 in the following three months, these investors changed their minds. Accordingly, he began to empty his assets. On the other hand, this situation led to a downtrend.
By the time period between December and March 2023, whales have made a comeback. The average altcoin XRP price hovered around $0.414 at this stage of renewed accumulation. By April, another sale took place that caused the number of whale wallets to drop below 200, as we look at cryptokoin.com.
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