What Are Crypto Whales Collecting This Week?

XRP’s victory over the SEC made headlines with altcoin markets rising 5% last week. What other altcoins are crypto whales buying this week as things calm down?

Cryptocurrency whales are accumulating Optimism (OP)

Altcoin markets have been bullish this week as BTC Dominance (BTC.D) approaches the 50% mark. As you follow on Kriptokoin.com, the media buzz surrounding XRP has begun to subside. On the other hand, crypto whales continue to buy Optimism (OP) this week. OP is the native token of the smart contract Blockchain network Optimism. On-chain data shows whale investors are stocking up on OP tokens this week. In particular, the chart below reveals that whales holding 100,000 million to 1 million OPs have increased their holdings. Whales purchased 13.9 million OP tokens between July 14 and July 5.

Crypto Whales Are Buying Optimism (OP) This Week. Whale Wallet Balances, July 2023 / Source: Santiment

The current market price of the altcoin is $1.53. At this price, the whales’ new investment is worth about $21 million. Such a large inflow of funds in a short period of time indicates increased investor confidence. If the whales continue to buy, the OP price will likely gain more in the coming weeks.

Arbitrum (ARB) attracts whale investors again

Meanwhile, the Arbitrum network seems unaffected by the recent DeFi attacks that have shaken the ecosystem. On-chain data from Santiment shows that cryptocurrency whales are starting to buy ARBs again. As you can see below, between July 13 and July 19, whales holding between 1 million and 10 million coins added 31 million ARB tokens. At the current price of $1.25, the new investment is worth approximately $38.8 million.

Crypto Whales Are Buying Arbitrum (ARB) This Week. Whale Wallet Balances, July 2023 / Source: Santiment

Largely due to this whale hoarding spree, the ARB price has already gained 11% this week. The Rodeo Finance hack recently rocked the Arbitrum DeFi ecosystem. The whales’ move puts an end to some of the negative emotions that stemmed from this event. If the whales continue to buy, ARB is likely to make another attempt at the $1.50 milestone.

Synthentix (SNX) is up in double digits in the savings spree!

After a slow start to July, Synthentix (SNX) entered a double-digit streak this week. On-chain data shows that SNX-buying cryptocurrency whales play a crucial role in driving the ongoing rally. SNX 100k-1m Price $2.76 = 1.8 million July 15. Accordingly, between July 15 and July 19, the cluster of crypto whales holding 100,000 to 1 million SXN bought another 1.8 million tokens.

Crypto Whales Are Buying Synthentix (SNX) This Week. Whale Wallet Balances, July 2023 / Source: Santiment

Remarkably, the SNX price is currently up to $2.76. Thus, it made the whales’ new investment worth $5 million. If whales delay book profit, SNX bulls may make a bold attempt to reclaim the $3 milestone in the coming days.

In summary, Optimism (OP), Arbitrum (ARB), and Synthentix (SNX) are some of the three notable tokens crypto whales have bought this week. According to experts, these tokens will likely reach new highs in the coming weeks if other strategic retail investors also reflect the whales’ recent transactions.