As we approach 2023, the downward momentum in the crypto money markets continues. However, big crypto investors are looking to turn these drops into opportunities. Reviews show that two altcoin projects have been amassed in huge quantities by whales. Here are the details…
Whales seek to turn falls into opportunities
The price of the popular altcoin XRP has dropped by about 12.8% last week. This decline erased almost all of the gains from the $0.3200 support in November. However, despite the drop, whales continue to accumulate massive amounts of XRP. With 1,000,000 to 10,000,000 XRP, whale and shark addresses continued to accumulate until the end of 2022, according to views from Santiment, a leading on-chain analytics platform.
This investment tier has 1,617 addresses and holds 7.23% of the network’s supply. This metric is the highest ever. Investors are probably collecting their XRP tokens in anticipation of a rally in the new year. Moreover, as the demand behind the token increases, XRP price could eventually gain momentum for a significant recovery up to $1. Retail investors are on the sidelines for fears that the downtrend will continue to $0.3000. Presumably, their interest will be renewed with the XRP price, providing a clear recovery above the falling trendline (dotted) resistance.
Another altcoin that attracts the attention of whales: Bitcoin Cash
According to the data, one of the most actively transferred cryptocurrencies among whales is Bitcoin Cash. Because the total number of major transactions on it reaches 14,427 compared to Bitcoin’s 6,428. Other on-chain and market metrics for Bitcoin Cash are very similar to those of Bitcoin. However, the volume and number of whale-layered transactions make Bitcoin Cash stand out compared to its competitor. According to the data, more than $100,000 was processed on the Bitcoin Cash network. As such, Bitcoin Cash easily surpassed Bitcoin’s $35 billion.
It’s such a big difference. However, almost 70% of the network belongs to whales. Bitcoin, on the other hand, only has 9% of the whales controlling the network. As we reported on cryptocoin.com, the number of whale layer transactions is an important metric that can be useful when monitoring the performance of a particular asset. However, we generally see a decreasing trend in the total number of transactions as assets solidify their placement in the market. But data on Bitcoin Cash shows that whales have been collecting massive cryptocoins to this day.
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