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While altcoins rapidly decline, BTC was trying to recover from its daily low at the time of writing. The price is at $56,400. Yesterday, we mentioned that the major drop could happen today, and it did. BTC fell from the peak of $58,800 to $53,495. So, which altcoins are whales buying this month?
Altcoins Purchased by Whales
Whales, representing large investors, are a term used to describe the crypto community holding a significant amount of cryptocurrency in their wallets. Some of them are long-time investors, while others are institutions interested in crypto. Their purchases have impacted prices over the years, so investors closely watch their movements.
In July, despite the decline, we saw whales actively buying. So, which altcoins are they interested in?
Dogecoin
In the last 24 days, the price dropped by nearly 25%. The recent drop, which led whales to buy more, did not deter their courage. IntoTheBlock confirms that whale activity has significantly increased. In the first week of July, DOGE whales purchased $23.7 million worth at a price of $0.11. This rate increased by 175% compared to the purchases in the last week of June.
Optimism (OP)
One of the largest layer2 solutions built on Ethereum, it has a significant number of investors. However, its price also dropped by nearly 30% during the same period. The unlocks in July were another factor contributing to the declines in OP Coin. According to Santiment data, whales holding between 1 and 10 million OP Coins increased their supply to 11.27%.
The approaching Ethereum ETF listing might have triggered this interest.
PEPE Coin
For PEPE Coin, we see a massive increase of 2237% in the flow of the largest investors. In July, one of the biggest whale interests was in PEPE Coin. The price, which recently hit a new all-time high, might have attracted whales due to its rapid turnaround potential.
This interest did not significantly affect the price, and PEPE Coin fell back to May levels.
