Despite the massive correction, major market players actively invested in several altcoins this week, with whales focusing on JasmyCoin (JASMY), XRP, and Polygon (POL).
We figure out how the whales' actions will affect the price of these assets
JasmyCoin (JASMY)
JasmyCoin, known as the “Bitcoin of Japan,” has seen its price drop by 30% in the last 7 days. Whales seem to be taking advantage of the situation.
According to IntoTheBlock data, on December 16, the net inflow of large holders of JASMY amounted to 10.22 million tokens. At the time of writing, this figure has increased to 54.74 million, which means that whales bought about 44.52 million JASMY in just a few days.
If the accumulation continues, increased demand could raise the price of JASMY to $0.10. However, a drop in whale interest in JasmyCoin will lead to a correction.
XRP
The fourth largest cryptocurrency by market capitalization, XRP, has once again attracted the attention of whales. On December 15, addresses with a balance of 1 million to 10 million XRP held about 4.85 billion tokens. At the time of writing, their accumulation has increased to 5 billion — this means that large market participants purchased 150 million tokens worth about $327 million.
Whale accumulation of XRP.
If the trend continues, the price of XRP could rise to $3. However, an increase in selling pressure will trigger a new wave of correction.
Polygon (POL)
POL, formerly known as MATIC, is another altcoin that has come under the radar of crypto whales. Over the past few days, the price of POL has decreased by 26.29% — at the time of writing, the token is trading at 65% below its all-time high.
Whales are not scared by this decline. This week, wallets with a balance of 1 million to 10 million POL increased their assets from 310.83 million to 315.94 million tokens.
Balance of Polygon whale addresses
If this accumulation continues, the price of POL could rise to $1.
