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After the victory of XRP against SEC last week, there has been a 5% increase in the altcoin markets. So, which altcoins are crypto whales buying this week apart from XRP? While the Bitcoin Dominance has dropped to almost 50%, altcoin markets are on the rise this week. Although XRP is being talked about in the media, crypto whales are buying Optimism (OP) and two other altcoins this week.
Optimism Became the First Stop for Whales
According to the data on the native token of Optimism, which is an Ethereum Layer-2 scaling solution, whales are accumulating OP this week. The table shows that whales holding 100,000 to 1 million OP tokens have increased their holdings. Whales purchased 13.9 million OP tokens between July 5 and July 14! The purchases made by whales this week are worth approximately $21.5 million, considering the current market value of Optimism at $1.57.
Such a large influx of funds in such a short period of time indicates an increased confidence of investors in Optimism. The continuation of whale purchases in the coming days may lead to an increase in the price of OP.
Whales Are Buying Arbitrum (ARB) Again After DeFi Attacks!
Arbitrum, an Ethereum Layer-2 scaling solution like Optimism, seems to be unaffected by the recent DeFi attacks that shook the ecosystem! According to Santiment’s data, crypto whales have started buying ARB again.
As seen, whales holding 1 million to 10 million ARB tokens purchased an additional 31 million ARB between July 13 and July 19. Considering the current market value of ARB at $1.28, the purchases made by whales are worth approximately $39 million.
Whales Boost Synthentix (SNX) Gains with Their Purchases!
Synthetix (SNX), which had a slow start to July, has had a series of double-digit victories this week. On-chain data shows that crypto whales buying SNX have played a significant role in the ongoing rally. Whales holding 100,000 to 1 million SNX tokens purchased an additional 1.8 million tokens between July 15 and July 19. With the price of SNX rising to $2.72, the amount invested by whales is approximately $5 million.
