- The Middle East crisis is responsible for the crypto market’s recent dip.
- Retail investors are responsible for the recent crypto market selloff.
- Crypto whales are accumulating DOGE, BTC, and XRP.
Crypto whales are accumulating Dogecoin (DOGE), Bitcoin (BTC), and XRP, each for distinct reasons, even as the market dips. An analyst with Altcoin Buzz podcast suggested this signals confidence in a potential year-end rally.
The analyst attributed the recent market dip to the ongoing crisis in the Middle East, whereas the long-term investors, as whales, were less prone to short-term market fluctuations.
In the podcast, the analyst touched upon the cryptos the whales seem to be accumulating, expecting a significant crypto market rally like we often see in the last quarter of the year. The analyst said that crypto whales are accumulating Dogecoin, one of the leading memecoins in the crypto industry.
Read also: Cryptocurrencies Plunge on Rising Middle East Tensions
The analyst mentioned comments from another crypto analyst on X, Ali Martinez, who saw a significant spike in activity within the Dogecoin ecosystem. According to Martinez, Dogecoin recently reached its highest number of active addresses in six months, with over 84,000 DOGE addresses.
The Altcoin Buzz analyst also pointed out a surge in Dogecoin whale activity, with top whale investors accumulating 1.4 billion DOGE worth about $140 million earlier this month. Dogecoin was trading for $0.10764 at the time of writing, and has not yet broken above the 0.236 Fibonacci resistance on the weekly chart formed during the recent price dip. The memecoin would need to climb above this level to start a potential bull run.
Bitcoin and XRP Also Attract Whales
Besides DOGE, the analyst notes crypto whales are sticking with Bitcoin. He said that seasoned investors and crypto analysts were not worried about Bitcoin’s recent pullback, even though the flagship crypto fell below $60,000 before rebounding.
He believes the recent selling pressure came from retail Bitcoin holders and not the whales. He said that the whales are buying more with every dip in Bitcoin’s price. Bitcoin was trading for $62,318 at the time of writing, down 3.2% from the previous day’s high. But the analyst mentioned Martinez’s comments, saying that crypto whales have bought over $50,000 BTC worth about $3.15 billion within ten days.
Read also :Bitcoin Whales HODLing: Are They Waiting for Retail Investors?
The analyst also said that whales are more interested in XRP than in the past. He pointed to on-chain data, which shows significant amounts of XRP tokens moving from crypto exchanges to wallets. According to him, one whale moved about 28.9 million XRP from Binance to an unknown wallet.
When large amounts of crypto move from centralized exchanges to private wallets, it often means that investors plan to hold it for a long time. So, the identified transaction, including another one involving 30 million XRP worth $15.7 million, from the Indodax exchange to another unknown wallet suggests ongoing XRP accumulation by crypto whales.
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