Whales Purchase Altcoins During Market Dip
Release: 2024/07/06 01:34 Reading: 871
Whales Acquire Altcoins Amidst Market Decline
While altcoins experienced a rapid decline, Bitcoin (BTC) attempted to recover from its daily low at $56,400. As predicted, a major market dip occurred, leading BTC to fall from $58,800 to $53,495.
Altcoins Targeted by Whales
Whales, large investors holding substantial cryptocurrency in their wallets, have historically influenced market prices. Their recent purchases have shed light on specific altcoins they find attractive.
Whales' Altcoin Acquisitions
- Dogecoin (DOGE): Despite a 25% price decline in 24 days, whales have actively purchased DOGE. IntoTheBlock indicates a significant spike in whale activity, with purchases totaling $23.7 million at a price of $0.11 in the first week of July, marking a 175% increase over the previous week.
- Optimism (OP): As a layer-two solution for Ethereum, OP boasts a large investor base. However, its price has dropped by approximately 30%. Whale activity has also been observed, with whales holding between 1 and 10 million OP Coins increasing their supply to 11.27%.
- PEPE Coin: The largest investors have shown a remarkable 2237% increase in their flow into PEPE Coin. The price recently atteint its all-time high, potentially attracting whales due to its potential for rapid growth. However, this interest has not significantly impacted its price, and PEPE Coin has returned to its May levels.
It is important to note that this news article is based on observations of whale activity and does not constitute financial advice.
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