3 Cryptocurrencies That Digital Whales Are Buying In The First Week Of August 2024
Every week, regardless of the state of the cryptocurrency market, digital whales tend to increase their holdings in most of their positions.
The first week of August 2024 was no different despite the big market drop on Monday. However, these are the coins that whales bought.
Rebel (XRP)$XRP
Crypto whales bought a large amount of XRP, helping the market cap jump 23% in a single day on August 7. Before the recent drop, wallets holding between 1 million and 10 million XRP held $4.42 billion worth of the currency. That amounted to 7.06 billion coins.
However, this is not the only category that has seen its balance increase. According to Santiment, the balance of addresses holding 100 million to 1 billion coins has increased and now represents 15% of the total supply.
Following the development and ruling in the SEC case, the price of XRP jumped and reached a weekly peak of $0.65. However, at the time of publication, the value of the coin has dropped to $0.58.
ONDO
Ondo is once again on the list of altcoins bought by crypto whales, as it was in the last week of July. On a seven-day timeframe, data from IntoTheBlock shows that net inflows from large holders increased by more than 3,000%.
Net bearer flow is the difference between inflow and outflow. A positive difference means that whales are buying more than they are selling. However, a negative difference means that whales are selling instead of buying.
For ONDO, the rally can be linked to increased institutional interest. At press time, the coin is trading at $0.76. Before that, the price had previously reached $0.82.
Despite calls for the coin to reach $1, it has not happened. However, if whales continue to buy the coin, the price may recover.
Cardano (ADA)$ADA
Cardano could be a surprise this week, mainly due to its modest price performance. At press time, ADA is trading at $0.34.
However, it seems that crypto whales are seeing the recent drop as an opportunity to buy the dip. Based on data from Santiment, the balance of addresses holding 1 million to 10 million coins has increased and now holds more than 16% of the total ADA supply.
From what it appears, whales may continue to take advantage of the buying opportunity.
At low prices. If that happens, ADA may see a rise.
This is not an investment advice, but rather a sharing of important articles that give us an impression and understanding of the market.
