In the world of cryptocurrencies, investors keep an eye on the buying decisions made by cryptocurrency whales, as they often greatly influence price movement. The term “whale” is given to individuals or institutions that buy large amounts of cryptocurrencies, thus making a significant impact on the market.
In July 2024, three major cryptocurrencies saw a significant increase in whale pooling. Take a look at these currencies and what they mean for the market.
#UNISWAP: Whales prepare before the big day
Uniswap (UNI), the token of the largest decentralized exchange on the Ethereum blockchain, was the first coin to see significant interest from whales. According to IntoTheBlock, flows of large Uniswap holders have increased by 1,570% in the last seven days, meaning whales have been buying heavily.
Noticeable accumulation began around July 14, with July 16 being the most notable day as whales bought 6.3 million UNI. This indicates that whales are anticipating a significant price movement in the near future.
#Dogecoin (#DOGE): Big names are collecting more
Dogecoin, the cryptocurrency that started as a joke, caught the attention of whales again this month. According to data from Santiment, the number of addresses holding between 10 million and 1 billion DOGE has increased. On July 19, there were 591 addresses holding between 10 million and 100 million DOGE, reflecting whales continuing to buy even though the impact has not yet been seen in the price.
#Injective (#INJ): Crypto whales help erase some losses
Injective (INJ), the blockchain token built on Defy, was one of the top altcoins this week thanks to the influence of crypto whales. According to IntoTheBlock, the net flow of large bearers has increased by 141.50% in the last seven days. This meant that whales were buying INJ in large quantities, which helped boost the price of the coin and reduce some of the previous losses.
Conclusion
The whales' accumulation of these three currencies in July is an important signal for market followers. These moves may be an indicator of their expectations for future highs, so it is important to monitor these activities and stay updated on developments in the market. Remember, investment decisions should be made based on personal research and analysis.
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In this way, the reader can understand the influence of cryptocurrency whales on the market in July and how their accumulation of these currencies affects the price movement.
