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Crypto whales remain active, even during market downturns, with significant purchases observed in early August 2024. On Monday, amidst a notable market dip, large investors made substantial acquisitions of XRP, ONDO, and ADA, drawing attention during the first week of the month. So, which cryptocurrencies did the whales focus on this week?
Why Did Whales Buy XRP?
Crypto whales, influenced by developments in the Ripple-SEC case, purchased XRP, pushing its value up by 23% on August 7. Prior to the recent price decline, wallets holding between 1 million and 10 million XRP accumulated tokens worth $4.42 billion, amounting to 7.06 billion coins. Additionally, addresses holding between 100 million and 1 billion tokens saw an increase in their balance, now holding 15% of the total supply. Despite the price rise, XRP fell to $0.5791 after a 5.85% decline. Access NEWSLINKER to get the latest technology news.
What Drives Ondo (ONDO) Purchases?
Ondo, similar to late July, reemerged as a target for whale purchases. Data from IntoTheBlock indicated a significant increase of over 3000% in the Net Flow of whales last week. This metric, showing the difference between inflows and outflows, suggests increased buying activity. The growing institutional interest might be fueling this accumulation, with ONDO trading at $0.7665, having previously reached $0.82.
Latest Situation in Cardano (ADA)
Cardano also saw substantial whale activity, hinting at a potential surprise entry next week. The lack of significant price movement is noted as a contributing factor. Currently, ADA is priced at $0.3472. Whales appear to view this dip as a buying opportunity, with addresses holding between 1 million and 10 million tokens increasing their balance to over 16% of the total ADA supply.
Implications of Whale Activity
– Ripple-SEC case developments significantly influence XRP whale purchases.
– ONDO’s rising institutional interest boosts whale accumulation.
– Cardano’s price dip presents a potential buying opportunity for whales.
In conclusion, the recent whale purchases highlight strategic acquisitions during market downturns, with significant interest in XRP, ONDO, and ADA. This activity indicates potential long-term confidence in these cryptocurrencies, despite short-term market fluctuations.