What are the cryptocurrencies that giant investors are buying? This is an important question that many investors want to understand, especially as the prices of current altcoins have yet to recover to the peaks reached a few weeks ago.
Specifically, JasmyCoin (JASMY), XRP, and Polygon (POL) have emerged as the primary targets for large investors' purchases. Let's take a look at why these assets are attracting significant attention and what might happen next.
JasmyCoin (JASMY)
Known as the 'Bitcoin of Japan,' JasmyCoin has seen increased accumulation from 'whales' this week. This occurs amid the context that the value of this altcoin has dropped by 30% in the past seven days.
According to data from IntoTheBlock, the net flow of large investors recorded was 10.22 million on Monday, December 16. The net flow of large investors is the difference between the number of Tokens that 'whales' have accumulated and distributed.
However, as of now, the figure has risen to 54.74 million, indicating that the 'whales' have purchased approximately 44.52 million JASMY Tokens this week. At the current price, this means that these shareholders have invested 1.38 million USD into the altcoin.
Net flow of large investors in JasmyCoin. Source: IntoTheBlock
This indicates that the 'whales' consider JasmyCoin to be one of the top altcoins to buy at a low price. If this accumulation trend continues, increased demand could push the price of JASMY towards 0.10 USD.
However, if the 'whales' shift their attention away from JasmyCoin or reduce their interest, the price could continue to adjust.
XRP
Ranking as the 4th cryptocurrency by market value, XRP has become one of the altcoins that 'whales' are buying. On December 15, the balance of addresses holding between 1 million and 10 million XRP was 4.85 billion USD.
Currently, that figure stands at 5 billion, meaning the 'whales' have bought 150 million Tokens this week, equivalent to about 327 million USD worth of altcoin.
The accumulation of XRP 'whales'. Source: Santiment
This move indicates that the broader market expects XRP to be one of the first cryptocurrencies to recover strongly when the assets finish adjusting. If this happens, the price of XRP could rise to 3 USD. However, if selling pressure increases, the Token could drop below 2 USD.
Polygon (POL)
POL, formerly known as MATIC, is another altcoin that 'whales' have purchased this week. This week, the price of POL fell by 26.29% and is down 65% from its all-time high.
For many market participants, it seems that this altcoin is unlikely to return to its all-time high. However, it appears that 'whales' do not agree with this view, as the amount of assets held in the range of 1 million to 10 million increased from 310.83 million to 315.94 million.
The balance of 'whale' addresses for Polygon. Source: Santiment
If this accumulation trend continues, the Token price of the Polygon ecosystem could rise to 1 USD. However, if the accumulation of 'whales' decreases, the Token is likely to drop sharply.
