What are crypto whales buying? That’s the question investors want to know, especially at a time when altcoin prices are far from the peak they reached a few weeks ago.
Specifically, Jasmine Coin (JASMY), XRP, and Polygon (POL) have emerged as prime targets for whale buying. Here’s a closer look at why these assets are attracting so much attention and what could happen next.
JASMY QUEEN
Known as the “Bitcoin of Japan,” Jasmine Coin has seen a surge in whale accumulation this week. This comes amid a 30% drop in the altcoin’s value over the past seven days.
According to IntoTheBlock, the net inflow of whales was 10.22 million on Monday, December 16. The net inflow of whales is the difference between the number of tokens that whales have accumulated and distributed.
But as of this writing, the number has risen to 54.74 million, indicating that crypto whales have purchased around 44.52 million JASMY tokens this week. At the current price, this means that these contributors have invested $1.38 million in the altcoin.
These developments suggest that crypto whales see Jasmine Coin as one of the best altcoins to buy during the dip. If their accumulation trend continues, the increased demand could push the price of JASMY towards $0.10.
However, if whales shift their focus away from Jasmine Coin or reduce their interest, the price correction may extend further.
XRP
Ranked as the 4th most valuable cryptocurrency, XRP is once again part of the altcoins that crypto whales are buying. On December 15, the balance of addresses holding between 1 million and 10 million XRP was $4.85 billion.
Today, that number is 5 billion, which means that crypto whales bought 150 million tokens this week, indicating that they bought about $327 million worth of the altcoin this week.
This development suggests that the broader market expects XRP to be one of the first cryptocurrencies to rally once the asset recovers. If that happens, the XRP price could surge to $3.0. However, if selling pressure increases, the token could drop below $2.0.
Polygon (POL)
Paul, formerly known as Matic, is another cryptocurrency that crypto whales have been buying this week. This week, Paul’s price is down 26.29% and 65% below its all-time high.
Many market participants believe that the cryptocurrency may struggle to return to its all-time high. However, crypto whales do not seem to share this view, as the 1M to 10M group increased its assets from 310.83M to 315.94M.
If this accumulation continues, the price of the Polygon Ecosystem token could rise towards $1.0. However, if the whale accumulation decreases, the token faces a significant risk of decline.