Crypto Whales Are Buying These 3 Altcoins

There is a lot of noise in the crypto market. How do you decide what’s worth your investment? The best and most proven way is to track whale activity. But along with that take a look at the fundamentals of the projects. 

That is what I am doing today after I found out too many whales accumulating these 3 crypto assets.

1) ADA

There’s been crazy whale activity around Cardano’s ADA. Data from IntoTheBlock shows an impressive fact. Cardano addresses with 100 million to 1 billion ADA have increased their holdings by 3.19% in the past 30 days.

This shows that whales are optimistic about Cardano’s long-term prospects. And that is why they are buying ADA at these levels.

Also, data from Cheekycrypto gives more insight. It suggests that Cardano holders in other tiers are displaying signs of accumulation. For instance, addresses with around 10,000 and 100,000 ADA have added 50 million ADA in the last month. This shows that there is a general agreement that the price of ADA is cheap and is likely to rise in the future.

ADA currently trades at $0.2866. ADA currently has a bearish sentiment. If the whale activities are anything to go by, we could see a major price outbreak pretty soon.

Why the increased interest in Cardano? 

Let’s look at a couple of reasons why Cardano whales have been bullish.

  • Cardano’s TVL

Cardano’s TVL has been one of the standout events in crypto this year. Cardano’s TVL has grown by 148%. This is more than Ethereum or any other ecosystem. Cardano’s TVL surged from 265 million ADA in January 2023 to 657 million ADA in June 2023. 

cardano tvl

Source: Defillama

This figure shows that there’s been an increase in DeFi activities on Cardano. There has also been increased institutional adoption of Cardano. There are several investment vehicles in which ADA enjoys a good market share. These investment products include:

  • The GDLC and GSCPxE from Grayscale.
  • The Cardano ETP from Wisdom Tree.
  • The Cardano ETP from 21Shares. 

Inevitably, there are risks associated with investing in cryptocurrencies. So before making any moves, you need to do your own research. But, the whales’ recent buying behavior indicates that ADA is an asset worth tracking.

2) Bitcoin

Data from IntotheBlock shows that 78.51% of Bitcoin holders are currently in profit. That’s pretty special because the last time we saw these levels of profit was in March 2022. That was when the $BTC price was around $47k. 

Altcoins aren’t having the best of times. But BTC has been on a recovery path. There have been lots of good indicators on the network. BTC fees hit a peak not seen since May 2021. That was when $BTC surpassed the $60K mark.

Also, for the first time since 2017, transaction fees exceeded $BTC minted per block. 

Whales are buying BTC.

The number of BTC holders is increasing. Data from the on-chain analytics firm Santiment supports this claim. Bitcoin sharks and whales have accumulated 71,000 more BTC in the past three weeks. This shows high confidence. 

Sentiments claim that this 71,000 BTC was added by addresses holding 10 to 10,000 BTC, equating to $2.15 billion.

Shrimps are Accumulating BTC.

Recent data from Glassnode provides deeper insight. It shows that wallets that hold less than 1 BTC have been accumulating Bitcoin recently. These shrimps hold 1.33 million bitcoins, which is the equivalent of a whopping $40,707,975,000.

Both whales and shrimp are accumulating BTC. And that’s a positive sign for Bitcoin. Bitcoin’s recovery this year has been impressive. Of course, we’ve had ugly times.

But, as the bull market approaches, whale activities show that BTC could be one of the best assets to hold. And the first to turn bullish

3) XRP

Did you know that whales have acquired about 1 billion XRP since February? This is worth around $570 million. XRP whales have been active this year. They have taken advantage of times of downturn or consolidation to increase their holdings.

XRP’s price dropped 12% in late June. That was when whales purchased 360 million XRP, totaling $170 million. XRP whales love to get the token during times of low prices. Increased whale accumulation is a good sign for any asset. It shows that a price surge could be on the way.

The XRP daily chart’s price action also suggests something interesting. XRP appears to be consolidating between its daily moving averages. It shows a formation that seems to be a cup and handle pattern. Many chartists believe this formation is a bullish pattern.

It shows the trend of an asset in the form of a cup, followed by a downward-trending price pattern. Interestingly, addresses holding less XRP have also accumulated over the months. Santiment data shows that addresses holding 10,000 to 1 million XRP have amassed 750 million XRP since mid-January.

Many experts have made bullish predictions about XRP. But we believe Ripple’s case with the SEC will determine XRP’s long-term value. That’s it for today. Don’t forget to do your own research for each of these coins.

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