According to crypto data provider Santiment and analyst Ali Martinez, whales are flocking to the 2 altcoin assets. According to the data, whales are increasing their savings in these cryptocurrencies. The whale purchases are noteworthy, especially since they come at a time when cryptocurrency prices are low.
Santiment: “Whales are accumulating this altcoin project”
According to Santiment’s posts, large XRP whales have been making interesting moves lately. For example, wallets holding 1 million to 10 million XRP have been actively accumulating altcoin assets since the end of 2020. In contrast, the top 330 addresses holding more than 10 million XRP have been selling recently. Santiment’s data reveals that these whales are actively shrinking their positions and reducing their share. Accordingly, they currently hold only 70.75% of the XRP supply. This is a historic low for Ripple.
Recent sales of the top 330 wallets are linked to the XRP price, according to Santiment. Ripple has risen 60% recently while Bitcoin and Ethereum have fallen. Accordingly, it is highly probable that whales benefit from this rise.
XRP hits record high against Bitcoin
At the same time, XRP broke a one-year record against Bitcoin. Accordingly, 1 XRP has reached 0.000026 BTC. With the entire crypto market swaying between extremely negative fundamentals and technical factors, the rise of XRP stands out significantly. The reason for this price action is probably because we are nearing the end of a legal battle between Ripple and the SEC that will decide the status of XRP. As we reported as Kriptokoin.com, the SEC sued Ripple, alleging that XRP is a security and violates the law.
Ali Martinez: “6 new whales have entered this altcoin market”
According to a prominent cryptocurrency analyst named Ali Martinez, six new whale investors joined the Dogecoin network last week. These investors jointly purchased 620 million DOGE, worth approximately $37.2 million at current exchange rates. In the meantime, it was noteworthy that other big investors also adopted the altcoin project last week. Accordingly, the number of addresses holding 100 million to 1 billion Dogecoins has increased. The number of these addresses referencing an IntoTheBlock chart has seen a 5.13% increase in the past week.
Dogecoin price on the rise
The massive adoption of Dogecoin by whale investors has pushed the price of the cryptocurrency to rally slightly. Dogecoin has risen by 3.2% and 3.1% in the last 24 hours and seven days, respectively, according to data from cryptocurrency fundraising platform Coinecko. This rise is literally nothing compared to last year’s price levels. However, investors are optimistic that the price of the token will rise again. However, it remains unclear why whales are starting to show interest in the altcoin project again.