Crypto whales this week turned their focus to three promising altcoin projects. On-chain analysis sheds light on how timely whale inflows are pushing these tokens up the price charts. Will these three altcoins post further gains in the coming weeks? Crypto expert Ibrahim Ajibade takes a close look at these 3 coins.
FTT whales swooped in with Gary Gensler’s statements!
FTT, the native token of bankrupt cryptocurrency exchange FTX, is up 90% this week. cryptokoin.comAs you follow from , the price rally was attributed to comments from Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), responding “within the law” to questions surrounding a possible takeover. On-chain data reveals how whales are mobilizing to collect large amounts of altcoin FTT. The chart below shows that following Gensler’s comments on November 9, whales made 95 large trades the next day, a 2023 high.
The large transactions metric tracks the trading activity of crypto whales by aggregating the number of daily transactions exceeding $100,000. Typically, a sharp increase in whale demand often triggers a price rise, as observed above. Unsurprisingly, as crypto whales reacted to Gensler’s comments, the FTT token price instantly rose to a 2023 peak of $5.33. However, the altcoin price fell to $3.6, down 30% from last week’s peak. However, the chart above shows that whales are still actively buying FTT. Therefore, strategic investors will keep an eye on the asset for further price gains.
XRP whales try to prevent altcoin price crash
XRP price has pulled back from last week’s peak of $0.72. During this period, the token entered a 13% free fall. However, as XRP fell to the critical $0.65 support level this week, crypto whales stepped in to buy the dip. The Santiment chart below shows that whales intensified their buying pressure when the price reached $0.65 on November 12. Whales added a staggering 90 million coins to their balance between November 12 and 15.
The 90 million XRP the whales just acquired is worth approximately $60 million at the current price of $0.66. Such a large inflow of capital indicates that they are positioned for another price breakout. If whales continue to buy, it is possible that the altcoin price will regain the $0.70 region in the coming days.
Bargain-hunting whales are keeping APE from going to zero
ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, had a bad October. The token fell to an all-time low of $1.02 in October. However, whales took action to accumulate APE tokens at affordable prices. After nearly a month of buying pressure from crypto whales, the altcoin has rebounded by 40%. Thus, APE briefly regained the $1.40 level. Santiment data reveals that investors with 1 million to 10 million ApeCoin balances increased their holdings by another 10 million tokens between October 26 and November 10.
The 40% price bounce from the all-time low suggests that some strategic retail investors have also been led to take a bullish position. If the whale accumulation continues, it is possible that it will calm fears of the APE price falling to zero.
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