2023-7-20 21:30 |
XRP’s victory over the SEC dominated the headlines as altcoin markets soared 5% over the past week. As the buzz settles, what other altcoins are crypto whales been buying this week?
The altcoin markets have been pumping this week as BTC Dominance (BTC.D) has dropped closer to the 50% mark. As the media buzz surrounding XRP begins to settle, crypto whales have been buying Optimism (OP) and these two other altcoins this week.
Crypto Whales Are Stacking Up on Optimism (OP)OP is the native token of the smart contract blockchain network, Optimism. On-chain data shows whale investors have been stocking up on OP tokens this week.
Notably, the chart below shows that whales holding 100,000 million to 1 million OP coins have been increasing their holdings. Between July 14 and July 5, they have already bought a whopping 13.9 million OP tokens.
Crypto Whales Buying Optimism (OP) This Week | Whale Wallet Balances, July 2023. Source: SantimentAt the current market value of $1.53, the fresh investment made by the whales is worth roughly $21 million. Such a large inflow of funds within a short period indicated growing investor confidence. If the whales keep buying, OP price will likely deliver more gains in the coming weeks.
Read More: Ripple (XRP) Price Prediction
After DeFi Hacks FUD Arbitrum (ARB) is Attracting Whale Investors AgainAlso, the Arbitrum network seems unaffected by the flurry of recent DeFi hacks that rocked the ecosystem. On-chain data from Santiment shows that crypto whales have started buying ARB again.
As seen below, between July 13 and July 19, the whales holding 1 million to 10 million coins added 31 million ARB tokens. At the current price of $1.25, the new investment is worth approximately $38.8 million.
Crypto Whales Buying Arbitrum (ARB) This Week | Whale Wallet Balances, July 2023. Source: SantimentLargely due to this whale accumulation frenzy, ARB price has already gained 11% this week. This puts a rest to some of the negative sentiment from the Rodeo Finance hack that recently rocked the Arbitrum DeFi ecosystem.
If the whales continue to buy, ARB could make another attempt at the $1.50 milestone.
Read More: Best Crypto Sign-Up Bonuses in 2023
Synthentix (SNX) Enters Double-Digit Gains Amid Accumulation Frenzy.After a slow start to July, Synthentix (SNX) broke into a double-digit winning streak this week.
On-chain data shows that crypto whales buying SNX have played a pivotal role in driving the ongoing rally.
SNX 100k-1m Price $2.76 = 1.8 million 15 July
Indicatively, between July 15 and July 19, the cluster of crypto whales holding 100,000 to 1 million SXN bought an additional 1.8 million tokens.
Crypto Whales Buying Synthentix (SNX) This Week | Whale Wallet Balances, July 2023. Source: SantimentRemarkably, SNX price has now climbed toward $2.76, making the new investment from the whales worth $5 million. If the whales hold off on book profit, SNX bulls could make an audacious attempt to reclaim the $3 milestone in the coming days.
In summary, Optimism (OP), Arbitrum (ARB), and Synthentix (SNX) are some of the three notable tokens that crypto whales have been buying this week. If other strategic retail investors mirror the whales’ recent trades, these tokens will likely hit new peaks in the coming weeks.
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