During the first week of August 2024, cryptocurrency enthusiasts with large holdings, otherwise known as “Crypto whales,” took advantage of the market dip to expand their holdings. Key players included Ripple, Ondo, and Cardano.
Ripple (XRP) saw substantial acquisitions by Crypto whales, resulting in a market cap increase of 23% on August 7. Wallets holding between 1 million and 10 million XRP were valued at $4.42 billion, which accounted for 7.06 billion coins. Furthermore, there was a surge in addresses hosting 100 million to 1 billion tokens, amounting to 15% of the total Ripple supply. Post this activity, Ripple’s price spiked to a weekly high of $0.65 before settling at $0.58.
Ondo (ONDO), one of the alternate cryptocurrencies, also lured in whales, with a 3000% increase in the Netflow of Large Holders within a week. Taking the difference between Inflow and Outflow, a positive Netflow signifies more buying activity by whales than selling. The price of Ondo peaked at $0.82, and at present, it is valued at $0.76.
Cardano (ADA), despite its lackluster price movement recently, has piqued the interest of crypto whales. It is currently trading at $0.34, but there has been an increase in addresses holding 1 million to 10 million tokens, now accounting for 16% of the total ADA supply. The recent decline in price has been seen as an opportunity for whales to seize more tokens.