Whales, who are big investors, are curiously followed in the crypto space. Whale is a term used to describe the investor behind a wallet address holding a substantial amount of cryptocurrency. The community and investors are watching for crypto whales as they can significantly influence price movements. Meanwhile, over the past day, two altcoins seem to be on the whales’ radar. Here are the details…
Whale activity rises in XRP
As we reported on cryptokoin.com, the global crypto market is facing a brutal drop amid massive sell-offs. But meanwhile, XRP whale activity increased. Ripple’s XRP has also been affected by the ongoing bear market. The altcoin is down 0.5% in the last 24 hours and is currently trading at $0.34. This downward move is seen as a result of the drop in Bitcoin and Ethereum. What is surprising, however, is that the currency’s whale activity is increasing, even though XRP has not experienced any positive momentum.
On-chain data analytics platform Santiment drew attention to the XRP whale transaction. The data claims to have recorded a massive XRP whale activity on August 19. Additionally, the market sentiment indicates a growing interest in XRP. Rising whale activity and positive market sentiment suggest market participants are bullish on XRP regardless of the ongoing bear market. According to some, the continuation of this points to the potential for an increase in the price of XRP. In fact, it may enter a recovery phase long before Bitcoin and Ethereum.
The whale transaction recorded a 3-month high as more than 450 whales traded more than $100,000 in XRP in just 8 hours. We had the same scenario during the market correction of Terra (LUNA) in May. Also, since April, the adoption of Ripple’s multi-payment service has been increasing. On the other hand, market sentiment also turned positive due to his apparent victory in court against the SEC.
Popular altcoin SHIB is also on whales’ radar
On the other hand, whale watching service WhaleStats reported that SHIB is back in the top 10 purchased tokens among the top 500 ETH whales in the past 24 hours. Whales continued to accumulate once again after the last profit-taking. Retail investors were seen picking up SHIB, which was sold by major investors, in the last drop. WhaleStats’ analysis of the top 100 Shiba Inu owners highlighted one downside. It reflected a slight decrease at 0.0065 percent of the average SHIB balance.
Whales’ trading volumes and average SHIB have also decreased in the last 24 hours. Currently, the Shiba Inu is trading at $0.0000132, down from the last 24 hours. After Friday’s big sell-off, cryptocurrencies did not attempt a rebound. Therefore, there is still a slight selling pressure in the market. According to WhaleStats data, the top 5,000 ETH whales currently hold $159,673,102 worth of SHIB.
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