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Crypto Whales Bought These Altcoins in the First Week of August 2024

2 mins
Updated by Daria Krasnova
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In Brief

  • Crypto whales did not hesitate to capitalize on the market dip, loading up on Ripple, Ondo, and Cardano.
  • XRP saw a large jump in tokens held by the 1 million to 10 million and 100 million to 1 billion cohort.
  • The influx of large holders signals confidence in short-term potential of ONDO and ADA prices.
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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

XRP Balance of Addresses
XRP Balance of Addresses. Source: Santiment

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. 

Ondo Large Holders Netflow
Ondo Large Holders Netflow. Source: IntoTheBlock

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

Cardano Balance of Addresses
Cardano Balance of Addresses. Source: Santiment

From what appears, whales may continue to seize the opportunity to buy lower. If this happens, ADA could experience a rally.

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Disclaimer

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. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Victor Olanrewaju
Victor Olanrewaju is a technical and on-chain analyst at BeInCrypto, where he monitors the activities of mid- and large-scale investors, commonly known as crypto whales, to detect investment trends across diverse cryptocurrencies, including Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, as well as meme coins like Dogecoin, Shiba Inu, and Pepe. Additionally, he covers emerging trends including Tap-to-Earn games, AI tokens, and real-world assets (RWA). Before joining BeInCrypto...
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