Crypto whales have switched focus to three promising altcoin projects this week. On-chain analysis beams the spotlight on how the timely whale inflows drove these tokens up the price charts.
Crypto whales have been redirecting capital toward the altcoin market in recent weeks. Will these three altcoins deliver further gains in the coming weeks?
FTT Whales Swooped in After Gary Gensler’s Statements
FTT, the native token of defunct cryptocurrency exchange FTX, soared 90% this week. The price rally was attributed to comments from the US Securities and Exchange Commission (SEC) chairman Gary Gensler, who responded to questions surrounding a possible take over “within the law”.
On-chain data has revealed how crypto whales swooped in to scoop large amounts of the FTT token. The chart below shows that following Gensler’s comments on Nov. 9, the whales carried out a 2023 peak of 95 large transactions the following day.
The large transactions metric tracks crypto whales trading activity by summing up the number of daily transactions that exceed $100,000. Typically, a sharp increase in whale demand, as observed above, often triggers a bullish price action.
Unsurprisingly, the FTT token price instantly rose to a 2023 peak of $5.33 in as the crypto whales reacted to Gensler’s comments.
Although prices have declined 30% from last week’s peak toward $3.6, the chart above shows that the whales are still actively buying FTT. Hence strategic investors will keep an eye on the asset for further price gains.
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Large Investors Swooped in to Prevent Ripple (XRP) Dropping Below $0.65
XRP price entered a 13% free fall after retreating from last week’s peak of $0.72. However, as XRP tumbled to the critical $0.65 support level this week, crypto whales swooped in to buy the dip.
Between Nov. 12 and Nov. 15, they added a staggering 90 million coins to their balances.
The whales wallet balance metric tracks real-time changes in the number of coins in custody of large institutional investors. The newly-acquired 90 million XRP are worth approximately $60 million, when valued at the current price of $0.66.
Such a large capital inflow from the whales’ buying activity indicates that they are positioning for another price breakout. If the whales continue to buy, XRP price could reclaim the $0.70 area in the coming days.
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Bargain Hunting Whales Keeping ApeCoin From Going to Zero
ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, fell to an all-time low of $1.02 in October. However, a cluster of millionaire crypto whales swooped in to accumulate APE tokens at bargain prices.
After nearly a month of buying pressure from the crypto whales, APE coin has rebounded 40%, briefly reclaiming the $1.40 area.
Santiment data reveals investors with balances of 1 million to 10 million ApeCoin have increased their holdings by another 10 million tokens between Oct. 26. and Nov. 10.
The 40% price bounce from all-time low, implies that some strategic retail investors have also been swayed to take bullish positions. If the whale accumulation continues, it could put to bed fears of ApeCoin token price going to zero.
In summary, institutional entities and high-net worth holders wield significant influence in a cryptocurrency ecosystem. Hence, crypto whales buying FTT token, Ripple (XRP), and ApeCoin (APE) at discounted prices this week could boost other investor’s confidence in these projects’ long-term viability.
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Top crypto platforms in the US | November 2023
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.