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Crypto Whales Ignite Interest in These Altcoins: August 2024 Picks
Every week, irrespective of the market condition, crypto whales tend to load more on most of their position.
The first week of August 2024 has been no different despite the significant dip in the market on Monday. That said, these are token whales bought.
Ripple (XRP)
Crypto whales scooped up a lot of XRP, helping the market cap jump by 23% in one day on August 7. Before the recent fall, wallets holding between 1 million and 10 million XRP owned $4.42 billion worth of the token. This value accounted for 7.06 billion coins.
However, this is not the only cohort that experienced a surge in their balance. According to Santiment, the balance of addresses hodling 100 million to a billion tokens increased and now accounts for 15% of the total supply.
Read more: How To Buy XRP and Everything You Need To Know
Following the development and the judgment per the SEC case, XRP’s price jumped and reached a weekly peak of $0,65. However, at press time, the token’s value had decreased to $0.58.
Ondo (ONDO)
Ondo is again on the list of altcoin crypto whales bought, as it was in the last week of July. On a seven-day time frame, data from IntoTheBlock shows that the Large Holders Netflow increased by over 3000%.
Large Holders’ Netflow is the difference between their Inflow and Outflow. A positive difference implies that whales are buying more than they are selling. However, a net negative implies that whales are selling rather than buying.
For ONDO, the accumulation could be linked to the rising institutional interest. At press time, the token trades at $0.76. Before now, the price had previously reached $0.82.
Despite calls for the crypto to reach $1, that did not happen. However, if whales continue to buy into the token, the price may rebound.
Cardano (ADA)
Cardano may be a surprise entry this week, mainly because of the underwhelming price action. At press time, ADA is trading at $0.34.
However, crypto whales seem to view the recent decline as an opportunity to buy the dip. Based on data from Santiment, the balance of addresses holding 1 million to 10 million tokens has increased and now holds over 16% of the total ADA supply.
Read more: 6 Best Cardano (ADA) Wallets You Should Consider in August 2024
From what appears, whales may continue to seize the opportunity to buy lower. If this happens, ADA could experience a rally.
Disclaimer
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