When the waters heat up in the cryptocurrency market, the whales are back and they’re playing with the altcoin projects they’ve had their eyes on. We have compiled the whale movements that attract attention in the market for our readers.
Whale staked all 600,000 APE on Binance
According to data from on-chain analytics and monitoring platform Lookonchain, a giant whale address transferred 1.95 million USDT to Binance during the day, withdrawing 600,000 APE from Binance 1 hour ago and staking them all. This corresponds to approximately 2.5 million dollars.
An anonymous address transferred 1.5 million IMX to Binance
An anonymous address (starting with 0xa8) transferred 1,499,999 IMX worth approximately $2,159 million to Binance, according to data from Watchers, an on-chain analytics app.
Whales are hoarding these altcoin tokens
On-chain analytics software Lookonchain reports that whales are now accumulating Chainlink (LINK). He mentions that in the last two weeks, 30 new addresses have bought LINK from Binance for $18.52 million, perhaps 2,645,590 LINK from the same whale. It reveals that 367,814 LINKs worth $2,422,717 were purchased by whale address ‘0xD51b’ on March 15 for $6.59.
Whales are accumulating $LINK recently.
– 30 new addresses (maybe the same whale) accumulated a total of 2,645,590 $LINK ($18.52M) from #Binance in the past 2 weeks.
– Whale "0xD51b" bought 367,814 $LINK with 2,422,717 $USDT at a price of $6.59 on Mar 15. pic.twitter.com/PU3jbj6WxY
— Lookonchain (@lookonchain) March 20, 2023
It has risen steadily since March 10, when the Chainlink price formed a foothold at the $5.90 support. After that, Chainlink continued to record eight possible eleven green days, breaking key thresholds at MA 50 and 200 ($7.06 and $6.93, respectively).
The whale accumulation over the last two weeks seems to have had a positive impact on the LINK price. Supporting the recent increase is also a positive intersection of these moving averages. According to analysts, if Chainlink’s current rise continues, it may be motivated to reach the $8.2 and $8.4 levels. The daily RSI points to a bullish advantage as it remains bullish above the neutral level of 50.
LINK 4-hour chart / Source: TradingViewIs whale accumulation a harbinger of a bull run for this altcoin?
From a surface level analysis of its performance, it can be pointed out that the slower development of Dogecoin (DOGE) compared to leading digital currencies such as Bitcoin and Ethereum. Dogecoin’s rise is relatively modest; As of this writing, it was down 0.67% in the last 24 hours to $0.07408. While it has surpassed 7.52% week-to-date (WTD) compared to Bitcoin’s 27.7%, the latest positive rise in the ecosystem hasn’t moved it much for an altcoin considered to have very high volatility. Despite this prediction, according to analysts, Dogecoin may experience an unexpected parabolic price increase in the short to medium term.
Source: IntoTheBlockAccording to the data, whales currently have more than 63 billion units, 45.53% of the entire DOGE supply. This contrasts with 35.31% of individual holders. According to analysts, if these whale accumulations continue to increase, the altcoin price is likely to experience a massive increase in the near term.
As you follow on Kriptokoin.com, DOGE price has been down for a long time since reaching its all-time high of $0.739. In June 2022, the price hit lows of $0.049. Besides, DOGE price is currently below the $0.080 barrier level. Since 2021, this crucial horizontal level has occasionally acted as both support and resistance. In other words, it is not yet known what the Dogecoin price trend will be. According to analysts, a break below $0.068 slides towards $0.050, while a break above $0.080 could prompt a rapid rise towards $0.115. On-chain statistics suggest that whale assets could soon push Dogecoin, but there is a clear need for the protocol to diversify its built-in growth triggers.
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