Crypto whales are taking advantage of the crypto market recovery to make bigger gains in several tokens. On-chain analysis sheds light on 3 altcoins that witnessed unusually high capital inflows from large institutional investors ahead of November. Crypto expert Ibrahim Ajibade looks at 3 altcoin projects that whales are hoarding for November profits.
Whales increase XRP accumulation after legal victories
cryptokoin.comAs you follow from , the Ripple (XRP) team further consolidated its landmark victory against the Securities and Exchange Commission (SEC). In October, the SEC dropped a long-running “market manipulation lawsuit” against Ripple’s top executives. On-chain data reveals strategic crypto whales accelerated XRP accumulation upon news. In the last 10 days, whales holding 1 million 100 million XRP bought another 80 million coins. This triggered XRP prices to rise above $0.60.
Whales intensified their buying pressure shortly after the SEC dropped the case around October 19. Considered at the current price of $0.60, the newly purchased 80 million XRP coins are worth approximately $48 million. Notably, XRP was trading around $0.65 when the ongoing whale buying trend began in early August. Strategic investors will therefore be on the lookout to see if whales will start taking profits when the XRP price approaches this range in November 2023.
These altcoin whales are showing interest in the metaverse
In September, leading GameFi projects such as Sandbox (SAND) and Enjin (ENJ) hit historic lows. Thus, the metaverse sector was dragged into troubled waters. But before November, crypto whales began collecting large amounts of Decentraland (MANA). This sparked hopes of a broader metaverse revival. The MANA token attracted an unusually high number of whale requests on November 2, 2023. The Santiment chart below shows that the 42 MANA whale transactions recorded on Thursday were the highest recorded since June 5.
The Whale Transactions metric tracks the daily number of confirmed transactions exceeding $100,000. When this number increases, it adds liquidity to the market. Additionally, it puts upward pressure on the altcoin price. Notably, whale transactions have been the driving force in the MANA price. Thus, the altcoin price increased by 48% and regained the vital $0.40 level. If this continues, those who bought MANA at the dips in September can expect to make historic profits in November.
Injective attracts attention from whale investors
Injective investors have reacted positively to a vital product feature launched on its native decentralized exchange Helix. Thus, INJ price rose to a 20-month high of $12 on October 23. But since then, crypto whales have continued to pile on demand. This allayed fears that the initial rally was a firestorm. Santiment data reveals that INJ attracted a consistent flow of whale transactions over 16 days. It is noteworthy that this last happened in April 2023.
The altcoin price is currently approaching the $14 range. This shows that whales want to take higher profits in November. However, it is worth noting that the $14.20 range was the level to which INJ price retreated when global crypto markets reached an all-time high in November 2021.
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