Millionaire Ripple (XRP) whales are filling their bags fast. Popular meme coin Dogecoin (DOGE) whale transactions are skyrocketing as traders take advantage of the price drop. What is behind the whale activity in these two altcoin projects?
Whales fill bags of XRP
On-chain analytics firm Santiment says whales are hastily increasing their XRP holdings. He notes that this could be a price increase catalyst for XRP. This positive prospect is likely the reason why large XRP holders continue to accumulate at a discount. cryptocoin.comAs you can follow, altcoin gained the most in late September and early October. Accordingly, it briefly diverged from the rest of the markets. Prices fell after the collapse of Sam Bankman-Fried FTX. Later, while the markets were sideways, Santiment recorded an interesting trend.
Santiment noted that in recent weeks, whale addresses holding 100,000 to 10 million XRP have rapidly increased their holdings. He also noted that the supply of whale addresses increased from 16.7% to 18.3% in five weeks. “Given the rise, another rally for XRP wouldn’t be too surprising,” Santiment wrote.
Altcoin is gaining traction
Positive expectations remain that clarity will be brought to the crypto industry as a result of the Ripple-SEC lawsuit. This makes XRP the center of attention. Because the optimism in the Ripple-SEC case has been a positive catalyst for the XRP price in recent months. In November, the XRP price briefly soared amid speculation that a settlement would be reached in the lawsuit.
Santiment also states that the increasing social dominance of XRP may increase the chances of a price increase. So, it is possible that the result of XRP becoming the center of attention will come soon. At press time, XRP was trading at $0.3894, up 3.54% in the last 24 hours.
DOGE whale transactions rise
The prices of most assets in the cryptocurrency market have dropped drastically. This gave investors the opportunity to purchase large volumes of their favorite cryptocurrencies, including Dogecoin (DOGE), which saw a surge in trader activity. Indeed, the meme coin recorded 38 whale transactions on Dec. 13, according to a post by Twitter user Javonnii.
At the same time, over 350 DOGE holders (with at least $1M in Dogecoin in their crypto wallet) were affected by the price drop and capital outflow. Because the assets of the whales fell below 1 million dollars.
Altcoin price analysis
At press time, Dogecoin saw a 9.95% drop in seven days. However, it recorded an increase of 1.26% on a daily basis. Currently, the altcoin was trading at $0.08957.
In addition to the daily price increase, things are also positive in terms of DOGE’s 1-day technical analysis (TA). The summary of this is that at 11 (as opposed to 8 for ‘neutral’) it is firmly in the ‘take’ position. It is based on oscillators pointing ‘buy’ at 3 and moving averages (MA) pointing ‘buy’ at 8.
Elsewhere, the crypto community at CoinMarketCap is also booming at DOGE. The community estimates that it will trade at an average price of $0.09811 by December 31, 2022. That’s higher than the community’s estimate in December.
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