Amid the volatility in the market, big investors started making moves for 2 altcoins. On-chain data points to two cryptocurrencies. Let’s look at the details.
Altcoin XRP accumulation
XRP has reached new highs since the beginning of this year. It also experiences a rollercoaster ride that goes down to surprising lows. However, amid this volatility, on-chain data confirms that major investors have persistently accumulated more altcoin XRP since February. Ali Martinez, a prominent crypto charter, points to this situation. He drew public attention to this upward trend for the first time with a recent tweet.
Citing data from blockchain analytics tool Santiment, Ali points out one situation. Major whale investors (10 million to 100 million XRP holders) have accumulated 1.1 billion XRP tokens since the end of February. According to Ali, these tokens were worth $570 million at the time of the announcement.
Looking at Santiment’s XRP charts, this claim is confirmed. In particular, the data shows that these major addresses have increased their collective balances since hitting a one-year low in late February.
XRP investors on a saving spree
The balance of these whale addresses dropped to 3.61 billion XRP tokens on February 17. The aggregated figures last saw this value in February 2022. At that time, XRP was still changing hands between $0.6 and $0.9.
As XRP continued to fall from this high position, these whales bought more tokens at a discount over the months. However, they launched a sell-off campaign that lasted from November 2022 to this February, which eventually led to a balance of 3.61 billion altcoin XRP. After this drop in their balances, they devised another accumulation trend. This accumulation campaign continued through market turmoil and rallies. The moves also increased the aggregate balance at these addresses to the current value of 4.71 billion XRP.
At this rate, investors have purchased 1.10 billion XRP in less than five months. Accumulation increased markedly, especially in late March amid bullish speculation surrounding the Ripple-SEC lawsuit. This contributed to XRP’s stand-alone rally in March.
The accumulation trend continues
This accumulation trend has continued amid the recent increased interest in Bitcoin (BTC) and other crypto assets among institutional investors such as BlackRock, Wisdom Tree, and Invesco. Alongside these deep-pocketed investors, addresses holding less XRP piled up over the months. Santiment data confirms that addresses holding 10,000 to 1 million XRP have accumulated 750 million XRP since mid-January.
Meanwhile, XRP has remained stagnant since dropping below $0.50 on June 23. The asset has since traded mostly between $0.46 and $0.49. All attempts to reclaim the $0.50 level of altcoin XRP have been futile. XRP is currently changing hands at $0.4682, down 0.45% in the last 24 hours.
Altcoin Shiba accumulation
Shiba Inu is gaining momentum with increased whale transactions and unique token circulation as anticipation rises for the Shibarium launch. There is a recent tweet from Santiment, a leading market intelligence platform. Accordingly, the Shiba Inu saw a modest 8% price increase over the weekend. After that, it starts to regain the interest of investors.
Santiment noted that although the asset has experienced a significant 90% drop in market value since its all-time high in October 2021, recent whale transactions and increased circulation are showing positive signs for the token.
14 unique Shiba Inu whales raise over $1M
The tweet by Santiment highlighted the notable improvements in Shiba Inu’s on-chain metrics. The accompanying chart reveals 14 individual whale transfers worth over $1 million as of July 6. Accordingly, it marks the highest level seen since April 3 this year. The chart also showed the amount of unique Shiba Inu tokens in circulation that reached a three-week high. Specifically, 2.52 trillion Shiba Inu tokens were recorded in circulation in one day.
This surge in whale transactions indicates a renewed interest in altcoin SHIB. It also points out that the participation of major investors in the Shiba Inu ecosystem has potentially increased following the recent developments.
Increased interest following Shibarium launch date
A Shiba Inu enthusiast has commented on the positive developments, tying the recent price spike to the upcoming blockchain project called Shibarium. The Twitter user predicts that this Shibarium will significantly impact the value of the Shiba Inu ecosystem token BONE.
Meanwhile, cryptocoin.comAs reported by Santiment, the Shiba Inu has experienced a notable increase in the creation of daily addresses. It has also consistently surpassed 2,500 per day over the past few weeks. Notably, the Shiba Inu saw daily new addresses rise to over 4,000 in June. This represented a landslide increase of about 400% from its three-month low in May. It is not yet clear how much the Shibarium mainnet launch will affect the price of the Shiba Inu. At the time of writing, the Shiba Inu is changing hands at $0.00000756, down 1.56% on a weekly basis.
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