Investors who are familiar with the crypto market climate know that buying decisions crypto whales make sometimes influence price movements. Whale is a terminology for individuals or institutions purchasing large amounts of cryptocurrencies.
If they sell a big part of their holding, price fluctuations occur — most of the time, to the downside. If they do the opposite, prices jump in some cases. This analysis focuses on altcoins that whales bought in the third week of July 2024.
Uniswap (UNI) Whales Get Ready Ahead of Big Day
First on the list is Uniswap (UNI), the token of the largest decentralized exchange on the Ethereum (ETH) blockchain.
According to IntoTheBlock, Uniswap’s Large Holders Inflows increased by 1,570% in the last seven days. When this metric increases, it means crypto whales are buying, and when it decreases, it means they are letting go of some of their holdings.
Specifically, the notable accumulation began around July 14. However, the number of UNI tokens purchased on July 16 was the highest. On the mentioned date, whales bought 6.3 million UNI.
Read More: How To Buy Uniswap (UNI) and Everything You Need To Know
At press time, the cryptocurrency’s price is $7.91. While this is not a significant jump in the third week of July 2024, it seems that whales are buying in anticipation of the spot Ethereum ETF launch on July 23.
There are predictions that the event could spark a rally in Ethereum-related altcoins like Uniswap. If this happens, then crypto whales may get some returns on their purchase
The Big Wigs Bag More Dogecoin (DOGE)
For some time, crypto whales have been watching Dogecoin (DOGE), even though the impact has yet to be reflected in the price.
Again, this week, whales did not give up, according to data from Santiment. The chart below shows that the number of addresses holding between 10 million and 1 billion DOGE increased. As of July 19, 591 were those who bought between 10 million and 100 million.
On the other hand, the 100 million to 1 billion cohort increased by 130 on the same days. DOGE currently trades at $0.12, representing a 14.99% increase in the last seven days.
Should crypto whales buy more of the coin this weekend, Dogecoin price could trade much higher in the coming weeks.
Crypto Whales Help Injective (INJ) Erase Some Losses
Injective (INJ), the token of the DeFi-based blockchain, was one of the top altcoins this week. However, INJ would not have reached this level if not for the impact crypto whales had on the token.
According to IntoTheBlock, the Large Holders’ Netflow increased by a whopping 141.50% in the last seven days. This means that whales who bought INJ were much higher than those who sold INJ.
Read More: What Are Altcoins? A Guide to Alternative Cryptocurrencies
Initially, whales were absent from the network. However, later, heightened activity drove Injective’s price to $26.88. The token is still 49.38% down from its all-time high. However, if whales continue to pour more funds into it, the gap may get smaller.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
