Market uncertainties continue to plague whales, particularly as US bankruptcies and regulatory pressures mount. According to current on-chain data, big investors have been chasing these 2 altcoin projects recently.
Altcoin whales continue their million-dollar purchases
The crypto market had another rough week amid the worsening economic situation and regulatory pressure from US institutions. This week’s Silvergate Bank bankruptcy has sparked speculation that the market will continue to feel the crash of the FTX exchange.
Meanwhile, a huge Ethereum whale named “BlueWhale0073” bought several hundred billion Shiba Inu within the week. The price of SHIB started to rise after the buyouts and “deleted” the zero it had added the day before due to its market crash.
https://twitter.com/WhaleStats/status/1634317726339440641
Whales keep buying SHIB
Ethereum whale “BlueWhale0073” purchased an additional 215,815,570,539 SHIB yesterday for $2.2 million, according to data from blockchain tracker WhaleStats. The same whale had purchased 126,120,815,899 SHIBs earlier this week on Friday, and on March 7 it captured a staggering 200,000,000,000 Shiba Inu. This investor has purchased 542 billion SHIB in the last six days.
The whale behind the transactions, named “BlueWhale0073”, sold SHIB shortly after each purchase. Currently, SHIB is trading at $0.00001028 with green moves above 1%. As we quoted as Kriptokoin.com, today its founder, Shytoshi Kusama, shared new screenshots from the metaverse.
On the radar of whales in XRP
XRP price is approaching the edge of the abyss as market uncertainties increase. XRP has essentially remained stable and is trading at $0.360. The Ripple-backed token briefly rallied above $0.40 thanks to strong January pressure from the bulls before the bears regain control.
Looking back, the upper limit of XRP price was $0.50 in September last year. At $0.30, there is a bearish checkpoint. Also, XRP lost momentum during the January rally after crossing the multi-month trendline pulled from the September high of $0.56.
However, the pressure on XRP with a volume of 18.5 billion dollars cannot be underestimated, especially in light of the disappearance of fundamental leverage that came into effect temporarily in January.
Buyer congestion at $0.35 represents the next flimsy support. The continuation of the rally as soon as possible depends on the continuation of this support. Alternatively, XRP price could decline and test $0.30, according to technical analysis.
At $0.30, one of two outcomes can be expected, the first allowing the XRP price to profit from the additional liquidity and strongly trend reversal. On the other hand, trading below the same level of control could initiate another sell-off if chaos ahead of the bulls. Drops below $0.30 may not be stopped until XRP reaches $0.25.
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