As whales’ appetite for either Shiba Inu (SHIB) or Dogecoin (DOGE) fades, data provided by Santiment reveals a surge in demand for the two altcoins. cryptocoin.com We are reporting the current whale movements…
Not SHIB or DOGE, whales are hoarding these altcoins
According to data provided by Santiment, Ethereum whales are still raising funds in the market despite the cryptocurrency’s subdued performance. As the data suggests, the percentage of whale layer addresses in the network still remains the same despite Ethereum’s questionable performance in the market. In the Twitter post below, Santiment reveals the following data:
Currently, these addresses hold 21.6% of all ETH. Despite the price correction, they have accumulated 2.2% of the supply in the last 6 months.
The high percentage of whales in the network indicates that there is no fundamental pattern in the market sentiment and that the big players are not in a rush to leave the market as many bearish analysts suggest. According to TradingView data, the Ethereum price has lost almost 50% since the ATH. The reasons behind this are the general correction in the market, the decline in popularity of the NFT and DeFi sectors, and the risk aversion tendencies in the financial markets. However, fees on the network fell to summer 2021 levels after trading volume in OpenSea, the largest NFT market, stalled and TVL of the DeFi industry lost almost 20% of locked funds. According to Santiment data, another altcoin that whales are accumulating is Ripple (XRP).
Ripple (XRP) suffers whale stampede
Santiment data also reports that crypto whales have collected massive amounts of XRP in the past 7 days, reaching hundreds of millions of dollars. The wild move in XRP’s trading volume points to significant price implications for XRP in the coming weeks. Currently, there are more than 350 whale addresses, each holding more than 10 million XRP.
The escalating spree indicates that most XRP investors are confident that Ripple will secure a groundbreaking win in the ongoing legal battle with the SEC, which claims to have raised over $1.3 billion through an unregistered securities offering. Attorney Joseph Hall, a former SEC official, said in a recent interview that the SEC should not have brought the case in the first place. He strongly implied that Ripple would win, citing the Commission’s lack of justification for initiating the issue. He even said the commission’s regulatory efforts could be “turned off”.
XRP’s upward momentum is due to the predicted rapid rise of the XRP price should the SEC lawsuit result in a Ripple victory. Experts believe that Ripple is not significantly tied to the current institutional and regulatory uncertainty. As most governments focus their policies on BTC and ETH, XRP may enjoy a more loyal environment for long-term expansion.
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