Whales Purchase Altcoins During Market Dip

Whales Acquire Altcoins Amidst Market Pullback

Amidst a sharp decline in altcoin prices, Bitcoin (BTC) attempts to recover from its recent low, currently hovering around $56,400. As predicted earlier, a significant market downturn has occurred, with BTC plummeting from $58,800 to $53,495.

Altcoin Acquisitions by Whales

"Whales," representing large investors holding substantial crypto assets, closely monitor crypto price movements. Their purchases have historically influenced market dynamics, hence the keen attention paid to their activities.

Despite the recent market decline, whales have been actively acquiring altcoins in July.

Dogecoin (DOGE)

DOGE has witnessed a price drop of approximately 25% in the past 24 days. Despite the recent decline, whale purchases have surged. Data from IntoTheBlock indicates a significant increase in whale activity, with $23.7 million worth of DOGE purchased at $0.11 in the first week of July. This represents a 175% increase compared to June's last week.

Optimism (OP)

A popular layer 2 solution built on Ethereum, OP has attracted a substantial number of investors. However, its price has also declined by almost 30% during the same period. July's OP Coin unlock contributed to the price downturn. According to Santiment data, whales holding 1 to 10 million OP Coins have increased their supply to 11.27%.

The upcoming Ethereum ETF launch may have piqued investor interest in OP.

PEPE Coin (PEPE)

PEPE Coin has experienced a remarkable 2237% surge in whale investment. In July, whales showed significant interest in PEPE Coin. Its all-time high price attracted whales, who perceived its rapid growth potential.

However, this interest had minimal impact on the price, and PEPE Coin has since retreated to its May levels.

Original source: COINTURK NEWS