Altcoins
Crypto Whales Increase Holdings of These 3 Altcoins
The first week of July was a rough one for the market. But amid the growing sell-off, crypto whales have filled their wallets with some altcoins that some might call undervalued.
Whales are big investors and their influence on price cannot be underestimated. Therefore, market participants may want to keep an eye on Dogecoin (DOGE), Optimism (OP), and Pepe (PEPE), as they are among the altcoins that crypto whales have purchased this week.
Dogecoin (DOGE) Large Holders Ignore Decline
Like other cryptocurrencies, the price of DOGE has plummeted. Specifically, the value has dropped by 23.76% in the last seven days.
However, this hasn’t stopped crypto whales from buying more coins. BeInCrypto notes this after evaluating the Large Holders Inflow shown by IntoTheBlock.
This influx shows strong purchasing activity from market participants holding between 0.1% and 1% of the cryptocurrency. On Tuesday, July 2, the inflow was 61.88 million DOGE.
But a day later, the inflow reached 516.08 million, suggesting that whales were buying the dip. The figure is now down to 215.90 million.
Influx of large Dogecoin holders. Source: In the Block
At an average price of $0.11, crypto whales purchased $23.74 million worth of Dogecoin in the first week of July. This is a 175.44% increase from their holdings in the last week of June.
Optimism (OP) Whales Ignore Breakouts, ETF Optimism
In second place on this list is OP, the token of the layer-two blockchain built on Ethereum. This week, the price of OP has dropped by 27.82%. Aside from the broader market decline, the decline of OP can be linked to the token unlock series between July 1st and 5th.
As the breakouts put selling pressure on the price, crypto whales decided to snap up the token at discounted prices.
According to Santiment, whales holding between 1 million and 10 million OP added to their balance in the first week of this month. As a result, this cohort now holds 11.27% of the total OP supply.
To know more: What is optimism?
The decision appears to be largely due to the Ethereum ETF Approval Coming SoonFor most market participants, formal trading of the products could boost ETH prices.
Since ETH shares a strong correlation with OP, whales find it appropriate to buy the token at a lower price before the potential rally begins.
Whales put Pepe (PEPE) at the top of the chain
A look at PEPE’s Large Holder Netflow shows a surprising increase of 2237.18% over the past seven days. This means that crypto whales buying PEPE have outnumbered those selling it by the aforementioned ratio.
Despite intensifying their purchaseThe accumulation had little to no effect on the price of PEPE. At press time, PEPE is trading at $0.0000078, its lowest price since May 4.
If these large investors continue to buy the token as the price drops, stability may eventually occur.
To know more: Pepe (PEPE) Price Prediction 2024/2025/2030
However, given current market conditions, the accumulation of whales alone may not be enough to prevent prices from falling further. This is because Bitcoin (BTC) seems to be the cryptocurrency that is dragging the market back.
If BTC fails to stop its correction, DOGE, OP, and PEPE could continue to face downward pressure. However, a bounce for the number one cryptocurrency could prevent another crash.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.