What are crypto whales buying? This is one question that investors would want to know, especially at a time when prices of altcoins are nowhere near the peak they hit some weeks back.
Specifically, JasmyCoin (JASMY), XRP, and Polygon (POL) have emerged as the primary targets for whale purchases. Here’s a closer look at why these assets are attracting significant attention and what could be next.
JasmyCoin (JASMY)
Known as the “Bitcoin of Japan,” JasmyCoin has seen increased whale accumulation this week. This comes amid the 30% decrease in the altcoin’s value over the last seven days.
According to IntoTheBlock, the large holders’ netflow was 10.22 million on Monday, December 16. The large holders’ netflow is the difference between the number of tokens whales accumulated and distributed.
But as of this writing, the figure has increased to 54.74 million, indicating that crypto whales bought about 44.52 million JASMY tokens this week. At the current price, this means that these stakeholders invested $1.38 million into the altcoin.
JasmyCoin Large Holders Netflow. Source: IntoTheBlock
This development suggests that crypto whales view JasmyCoin as one of the top altcoins to buy during the dip. If their accumulation trend continues, the increased demand could propel JASMY’s price toward $0.10.
However, if whales shift their focus away from JasmyCoin or reduce their interest, the price correction could extend further.
XRP
Ranked as the 4th most valuable cryptocurrency, XRP is again part of the altcoin 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, meaning crypto whales purchased 150 million tokens this week, indicating that they purchased about $327 million worth of the altcoin this week.
XRP Crypto Whales Accumulation. Source: Santiment
This development suggests that the broader market expects XRP to be one of the first cryptos to bounce higher once the assets recover. If that happens, then XRP’s price might rally to $3. However, should the selling pressure increase, the token might slide below $2.
Polygon (POL)
POL, formerly known as MATIC, is another altcoin crypto whales bought this week. This week, POL’s price has decreased by 26.29% and is 65% down from its all-time high.
For many market participants, the altcoin might find it difficult to return to its all-time high. However, it seems that crypto whales do not share this opinion, as the 1 million to 10 million cohort increased their assets from 310.83 million to 315.94 million.
Polygon Balance of Whales Addresses. Source: Santiment
Should this accumulation continue, the Polygon ecosystem token price might rally toward $1. However, if whale accumulation declines, the token risks a notable decline.
