Whale movements continue at full speed in the Bitcoin and altcoin world. They made important moves today. On the other hand, there are sharp increases in both cryptocurrencies. These increases, which come at a stage when the market is declining, attract everyone’s attention. Let’s take a look at the details.
Whales’ altcoin attacks continue
Whale Alert, famous for monitoring the movements of whales, shared important movements on its Twitter page today. According to the information in the post, whales first moved 13,369,995 altcoin MATIC. There is a transfer of MATIC worth $ 7,289,368 from Polygon Staking to an unknown wallet.
https://twitter.com/whale_alert/status/1698527903049294211
The second transfer was the transportation of 41,239,895 XRP. XRP worth $20,846,386 was transferred from Binance to an unknown wallet.
https://twitter.com/whale_alert/status/1698591859445027231
Whale movements were not limited to this. Whales moved 4,615,530,677,374 altcoin SHIB. Accordingly, Shiba Inu worth $ 35,694,206 was transferred from Bitvavo to an unknown wallet.
https://twitter.com/whale_alert/status/1698616088362099052
On the other hand, 15,000 altcoins Ethereum were again subject to action by whales. Accordingly, Ethereum worth $ 24,579,443 was moved from the unknown wallet to the cryptocurrency exchange Gate.io.
https://twitter.com/whale_alert/status/1698623029708722203
Sharp rise in 2 cryptocurrencies
While whales performed the above movements, they also caused significant increases in two cryptocurrencies. There was a 12% increase in the price of altcoin SNX today. On the other hand, the price of LPT increased by 16%. Focusing on the increases, Lookonchain draws attention to two movements from Binance for two altcoins.
Today the price of $SNX has increased by 12%, and the price of $LPT has increased by 16%.
We noticed a newly created address has withdrawn 3.44M $SNX ($7.72M) and 502,385 $LPT ($3.9M) from #Binance in the past 6 hours.https://t.co/3BIC0zHEjQ pic.twitter.com/zB07k9BXsT
— Lookonchain (@lookonchain) September 4, 2023
At this point, Lookonchain states that a newly created address has carried 3.44 million SNX from Binance in the last 6 hours. The value of the withdrawn altcoin SNX is exactly 7.72 million dollars. On the other hand, an important movement took place in the altcoin LPT. Accordingly, 502,385 LPT was withdrawn from Binance again. The numerical equivalent of the withdrawn altcoin LPT is worth exactly 3.9 million dollars.
It is necessary to pay attention to whale movements
Whale movements can cause sudden increases in cryptocurrency prices when they make large purchases or sales. This is because whales own a significant amount of altcoins or Bitcoin. Therefore, it is natural that their movements have a huge impact on the market. For example, if a whale buys a large amount of cryptocurrency, it could create a buying frenzy as other investors try to get in on the action as well. This can quickly push the price up. Conversely, if a whale sells a large amount of cryptocurrency, it can create a selling frenzy and drive the price down.
When we look at it as Kriptokoin.com, Whale movements can also cause sudden increases in cryptocurrency prices when they occur together with other market events. For example, if a whale buys a large amount of cryptocurrency shortly before an important announcement, it can signal to other investors that the announcement will be positive. Accordingly, this situation may also increase the price.
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