Regardless of the market situation, crypto whales are seen finding some cryptocurrencies to buy daily. A similar situation occurred on Monday during a significant market downturn, and some whale purchases drew attention in the first week of August 2024. So, which cryptocurrencies did the whales focus on this week?
XRP Coin Purchase
Crypto whales, influenced by the Ripple-SEC case, purchased XRP, helping its value increase by 23% on August 7. Before the recent price decline, wallets holding between 1 million and 10 million XRP held tokens worth $4.42 billion. The amount of tokens corresponding to this value was 7.06 billion coins.
However, this was not the only XRP investor group increasing their balance. According to data provided by Santiment, addresses holding between 100 million and 1 billion tokens saw an increase in their balance and currently hold 15% of the total supply.
After the Ripple-SEC case decision, XRP’s price, which had risen, fell to $0.5791 after a 5.85% decline.
Ondo (ONDO) and Whales
Ondo, similar to the last week of July, found itself among the cryptocurrencies purchased by whales again. When examining the movements of the past week, data provided by IntoTheBlock revealed that the Net Flow of whales increased by over 3000%.
The Net Flow of Large Holders shows the difference between Inflows and Outflows. A positive difference indicates that whales are buying more than they are selling. However, a net negative appearance indicates that whales are selling more than they are buying.
The accumulation sentiment around ONDO can be linked to the rising institutional interest. As of the press time, the token is trading at $0.7665. In the past, ONDO had reached $0.82.
Latest Situation in Cardano (ADA)
Lastly, notable whale activity was observed in Cardano, which could open the door to a surprise entry next week. The insufficient price movement is cited as the reason for this. At the time of writing, ADA is at $0.3472.
It appears that whales, seeing this price as an opportunity, might be considering the recent drop as a chance to buy at a dip. According to data provided by Santiment, addresses holding between 1 million and 10 million tokens saw a noticeable increase in their balance and currently hold more than 16% of the total ADA supply.
