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XRP Price Poised For Liftoff? Whale Holdings Soar Despite Ripple Hack

In a recent turn of events, Ripple faced a significant security breach resulting in the loss of $112 million worth of XRP. Despite this setback, the cryptocurrency community has witnessed remarkable resilience from XRP whales, who have chosen to maintain their coin holdings. This unwavering support, coupled with Ripple’s swift response, has instilled confidence in the platform’s long-term viability.

XRP Whales Display Unwavering Faith

On-chain data provided by Santiment reveals that XRPLedger experienced a surge in whale transactions following the hack. A total of 217 transactions involving $1 million or more in XRP were recorded, marking the highest activity since July 2022. This surge underscores the whales’ belief in XRP’s potential, despite the temporary market turbulence caused by the hack.

Furthermore, wallets holding at least 10 million XRP now collectively possess 67.2% of the available supply, a concentration not seen since December 2022. This consolidation of XRP among influential investors indicates their long-term commitment to the asset.

Ripple Leadership Assures Community

In the wake of the hack, Ripple co-founder Chris Larsen provided reassurances that the Ripple blockchain itself remained secure. The unauthorized access was limited to his personal XRP accounts, separate from Ripple’s operations. Larsen’s prompt action in notifying exchanges to freeze the affected addresses demonstrates Ripple’s dedication to protecting its users’ assets.

Moreover, Ripple is actively collaborating with law enforcement agencies, and a substantial portion of the stolen funds has already been frozen. The team is diligently pursuing the remaining funds to ensure a comprehensive resolution of the situation.

Binance’s Mysterious XRP Transfer

Amidst the Ripple hack incident, an unusual withdrawal of 20.62 million XRP tokens from Binance, the world’s largest cryptocurrency exchange, has raised eyebrows. While initial speculation pointed towards an external entity, further investigation revealed that the tokens were sent to an address associated with Binance’s hot wallet for storing XRP.

This development suggests that the $10 million transfer may be an internal operation within the exchange rather than a whale’s activity in the broader cryptocurrency market. Binance has yet to provide an official explanation for this movement, adding an element of intrigue to the situation.

A Tale Of Resilience

The Ripple hack incident has undoubtedly shaken the cryptocurrency community, but the unwavering support from XRP whales and Ripple’s proactive response have demonstrated the platform’s resilience. As the investigation into the hack continues and Binance sheds light on its mysterious XRP transfer, the Ripple ecosystem stands poised to emerge stronger from these challenges.

As the crypto community grapples with the intriguing dynamics surrounding the recent substantial XRP withdrawal from Binance, the broader question emerges: Is the current dip in XRP’s price merely a temporary setback or a prelude to a significant upward trajectory? Despite the recent setback and a price decline to $0.49, down 3.7% in the last 24 hours, the resilience of whale holdings amid the aftermath of the Ripple hack introduces a compelling narrative.

Featured image from Pixabay, chart from TradingView

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Bitcoin Whales Go On Buying Spree As Price Dips, Here’s How Much They Bought

A recent development shows that Bitcoin whales have refused to be deterred by the recent price action of the flagship cryptocurrency. Instead, they have chosen to see it as an opportunity to accumulate more BTC. This move could turn out to be really profitable based on a recent analysis by crypto analyst Ali Martinez. 

An Increase In Bitcoin Whales

Ali Martinez stated in an X (formerly Twitter) post that 46 new entities now hold 1,000 BTC or more, which represents a 3% increase in just two weeks. Data from BitInfoCharts further shows that there are now 1,898 wallet addresses holding this amount of Bitcoin or more. This is significant as it suggests that more people have become bullish on the crypto token despite the recent market correction. 

These whales no doubt have enough reason to be bullish on BTC, as Martinez’s recent Bitcoin analysis suggests that the tide could turn soon enough. The analyst highlighted in an X post how, historically, price corrections for Bitcoin have “consistently been followed by further upside gains” in bull markets. 

As such, he noted that dips like this might offer “strategic buying opportunities for those looking to capitalize on Bitcoin’s potential growth.”

Meanwhile, the Spot Bitcoin ETF issuers have helped contribute to the increase in this figure, considering they have had to accumulate BTC for their respective funds. Data from on-chain analytics firm Arkham Intelligence shows that the world’s asset manager, BlackRock, currently holds over 44,000 BTC for their Bitcoin ETF. 

Bitcoin price chart from Tradingview.com (BTC whales)

BTC Still Has More Bullish Momentum 

While many in the crypto community continue to speculate whether the bull market is back, there is reason to believe that BTC’s bullish momentum is not fading anytime soon. In his most recent X post, Ali shared how the next market peak could land around 2025 if Bitcoin is to mirror past bull runs. Going by this projection, Bitcoin is said to have 600 days of bullish momentum still ahead. 

In the meantime, Bitcoin bulls will have to overcome the selling pressure from Bitcoin whales like Grayscale. The asset manager had to offload a significant portion of its BTC holdings due to the amount of outflows it keeps recording from its Spot Bitcoin ETF. GBTC investors like FTX are reported to be taking profits, considering that the fund had traded at a significant discount to Bitcoin’s price before now.  

At the time of writing, Bitcoin is trading at around $39,000, up in the last 24 hours, according to data from CoinMarketCap. 

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XRP Crash Fears Mount As Whale Dumps 26 Million Tokens – Details

In the world of cryptocurrencies, XRP has once again captured the attention of market enthusiasts with a surge in whale activity. The movement of a staggering 26.8 million XRP tokens has sparked speculation among traders and investors alike.

Blockchain data tracked by Whale Alert, a renowned tracker of large cryptocurrency transactions, revealed that an unknown wallet, identified as r4wf7enWPx…5XgwHh4Rzn, transferred the substantial amount of XRP.

Ripple’s Strategic Moves Trigger XRP Transfers

The tokens, valued at approximately $14.75 million, were sent to Bitstamp, a prominent exchange based in Luxembourg City, Europe.

Interestingly, this is not the first time the mentioned wallet has made similar transfers to Bitstamp during periods of price dips. The recurrent nature of these transactions has piqued the interest of market participants, especially considering Ripple’s recent strategic stake acquisition in the exchange.

The correlation between Ripple’s involvement and the XRP transfers to Bitstamp has not gone unnoticed by astute traders and investors.

However, the recent movement of XRP tokens aligns with a downward trend in the token’s price. XRP’s value has experienced a decline of 2.34% in the past 24 hours, trading at $0.5389 at the time of writing.

The weekly chart also paints a dreary picture, showing a significant fall of 7.30%, while the monthly downturn stands at 12.61%. Both market capitalization and trading volume have also taken a significant hit.

Despite the prevailing market sentiment, XRP Whale, a reputable crypto market analyst, remains bullish on the token’s prospects. Contrary to the price decline, the analyst predicts that February will bring positive developments for the Ripple-backed cryptocurrency.

Investor Skepticism Persists Amid Market Volatility

Such optimism is met with skepticism, as investors grapple with the current state of the market and seek reassurance amid the ongoing volatility.

It is important to remember that the cryptocurrency market is highly unpredictable, and caution should always be exercised when making investment decisions.

While the whale activity surrounding XRP and the positive outlook from XRP Whale may spark intrigue, it is crucial to conduct thorough research and seek advice from financial professionals before making any investment moves.

Worries of an XRP crash are rampant, fueled by the recent whale sell-off and a confluence of negative technical indicators. The coming days and weeks will be crucial in determining whether XRP can weather this storm or succumb to the immense selling pressure.

Featured image from iStock

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Bitcoin Gearing Up For Recovery As Large Whales Stop Moving Old Coins

There may finally be light at the end of the tunnel for the Bitcoin price as selling has begun to subside for the cryptocurrency. So far, it seems that the large holders have been the main driving force behind the price decline, which could explain why the rally has been suppressed for so long. However, as these large investors start to scale back their selling, the Bitcoin price could be looking at another recovery.

Bitcoin Whales Stop Selling Old BTC

According to a report posted by Santiment, the reason for the suppressed Bitcoin price over the last week could be traced back to large Bitcoin holders. These holders who have a massive stash of old coins, which means coins that have not moved in a long time, had begun to move their coins after the price of BTC found its legs due to anticipation around the Spot ETF approvals.

Once these whales began to move these coins, there was a definite drop in the asset’s price that can be linked back to this move. As these whales moved these coins out of their wallets, the age of their BTC holdings went down, suggesting that they were selling these older coins.

On average, the age of their holdings went from around 640 days to around 624 days in the days following the Spot ETF approvals by the SEC. The on-chain tracker suggests that this was a sign that the market was back in the bull market.

However, after around a week of doing this, these whales seem to have come to a point where they are no longer moving coins. “There are mild signs that this continued movement of older coins is finally done for the time being,” Santiment said.

Now, while Santiment interprets this as a sign that the bull cycle may be over, there is also the possibility that these whales have stopped moving their coins in a bid to wait for the price to recover. In this case, selling pressure will recede, allowing Bitcoin the space to regain its footing once more.

Bitcoin price chart from Tradingview.com

BTC Struggles With $43,000 Resistance

The Bitcoin price is currently struggling with the resistance mounting at $43,000. Since the crash last week, bulls have continued to lag behind as bears have chosen this level to pitch their tents. The sell pressure also seems to be localized at this point, so it has become the next important level to beat.

If Bitcoin is able to surmount the $43,000 resistance, it could signal a return of the rally. At this point, $45,000 becomes the next major resistance as investors flock back in. However, failure to turn $43,000 into support could result in a further decline in the price.

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Ethereum Giga Whales On A Historic Buying Spree – Here’s How Much ETH They’ve Bought

Ethereum whales have been on a buying spree for a while now, which is an indication of their sustained support for the king of altcoins. These whale buys have particularly increased in the past few weeks. On-chain data from Santiment reveals Ethereum’s largest private wallets now hold an all-time high of 56.25 million ETH, representing 46.8% of the crypto’s total circulating supply. 

Ethereum Whales Accumulate Record Amounts Of ETH

Ethereum is currently trading in a range, as price action shows the crypto trading between the higher end of $2,434 and the lower end of $2,127 in the past 30 days. However, the crypto is now showing signs of recovery after a recent price recovery and is now building strong momentum above $2,200. 

Amidst the price theatrics, Ethereum whales have been buying more ETH into their wallets to push the total count to new highs upon new highs. At the same time, these whales have been withdrawing from exchanges, causing ETH on exchange-owned addresses to drop to their lowest levels in over five years.

According to data from on-chain analytics platform Santiment, a record 65.71 million ETH, representing 54.67% of the total circulating supply is now held by top addresses. Out of this figure, 56.25 million ETH belong to the top 150 self-custodial wallets. Consequently, the top 150 exchange-linked wallets now hold 9.46 million ETH, nearing its lowest level since June 2018. 

Increasing Whale Accumulation: Possible Explanation

The crypto industry went through a strong price surge in the last quarter of 2023, flipping the optimism around most cryptocurrencies bullish. Continued whale acquisitions can be linked to an anticipated continuation of the price growth in 2024, with the imminent approval of Bitcoin and Ethereum spot ETFs in the US lurking in the background.

The accumulation from Ethereum’s largest whales is a good sign for the long-term price, as it signals they believe the price will continue to increase. Their buying power also helps to establish price support by reducing the supply of ETH for sale. 

Spotonchain recently showed that an Ethereum whale, identified as ‘0x931’, bought 21,192 ETH worth approximately $48 million at an average price of $2,265. The recent purchase now puts the whale’s total buys at 79,500 ETH since January 2023 and is now sitting on $36.84 million unrealized profit.

At the same time, liquid staking protocols witnessed steady deposits throughout 2023. Data from DeFiLlama shows that 12.3m ETH ($27.585 billion) are currently locked in ETH liquid staking derivatives. This represents an 80% growth from 6.8 million ETH locked in January 2023. 

Featured image from Pixabay

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Bitcoin Whales Sell 50,000 BTC Worth $2.2 Billion, Is The Rally Over?

The flagship cryptocurrency, Bitcoin, seems to be cooling off following months of experiencing a resurgence on the back of the Spot Bitcoin ETF potential approval rumors. This has led to concerns that the rally might be over, a theory that is boosted by the recent action of the largest holders of the crypto token.

Bitcoin Whales Offload Some BTC Holdings

In a post on his X (formerly Twitter) platform, crypto analyst Ali Martinez highlighted a report from the market intelligence platform Santiment, which showed that Bitcoin whales had sold around 50,000 BTC over the past week. This has raised eyebrows as many speculate why these whales are offloading some of their Bitcoin holdings.

Coincidentally, these sales follow a similar trend from institutional investors as CoinShares’ latest weekly report noted that there were minor outflows from digital asset funds last week. These funds are said to have seen an outflow totaling $16 million. However, if the asset manager’s report is anything to go by, then there should be no cause for concern. 

CoinShares mentioned that the outflows seen from the digital asset investment funds are more likely to be related to profit-taking rather than a swing in sentiment. As such, one could also assume that this is the sentiment among the whales that made this recent Bitcoin sell-off. This is also very plausible, considering that Santiment recently reported that 89% of BTC’s total supply is in profit. 

Meanwhile, BTC is seeing an inflow of investors, as Santiment reported that the amount of non-zero Bitcoin addresses is up to 916.8 million. Many seem to be looking to get in on the flagship cryptocurrency as approval of a Spot Bitcoin ETF looms, and the BTC Halving draws near. 

Bitcoin price chart from Tradingview.com

BTC To Rise Above $50,000 By End Of January

While BTC seems to be cooling off, there is reason to believe that the rally isn’t over, as it could rise above $50,000 by the end of January 2024. Crypto financial services firm Matrixport predicts that this will happen on the back of the SEC approving the pending Spot Bitcoin ETF applications. 

Matrixport noted that they drew parallels to historical instances while making this price prediction. One of these instances is the CME Group’s Bitcoin futures launch in 2017. Bitcoin is said to have risen by 196% in a six-to-seven-week window dating to when the launch happened. They expect something similar to happen again. 

The firm also expects that Bitcoin will still break out before the year ends. This prediction is also based on historical patterns, as they noted that btc historically sees a price increase between Christmas and the New Year. Matrixport had previously predicted that Bitcoin would hit $45,000 between November this year and April 2024. 

At the time of writing, Bitcoin is trading at around $43,600, according to data from CoinMarketCap. 

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Whales Move $30 Million Worth Of XRP To Exchanges – Time To Sell?

XRP could witness a massive selloff in the coming days, as shown by on-chain transfer data. According to transaction alerts from crypto whale tracker Whale Alerts, two whale-sized transactions involving XRP have recently made their way onto cryptocurrency exchanges Bitso and Bitstamp, prompting investors to ponder the reasons behind the transactions and speculate on possible outcomes.

Massive transfers by whales can often increase selling pressure if they sell and take profits, which could cascade into the price of the asset, even if only temporary.

Whale Transfers 50 Million XRP To Exchanges

XRP has gone through consolidation for the past two weeks in the midst of a market lull. According to Coinmarketcap, the altcoin’s trading volume is also down by 43.59% in the past 24 hours. Before this period however, a whale made a transfer of 50 million XRP worth approximately $31 million to exchanges, prompting investors to wonder if this is a part of the ongoing consolidation and if the transfers are a selloff.

According to Whale Alerts, a transfer of 25.2 million XRP tokens worth $15.66 million was made to crypto exchange Bitstamp on November 23. Shortly after, 25 million XRP tokens worth $15.55 million were sent to crypto exchange Bitso. Looking into the details of the two transactions on blockchain explorers reveal they were made from the same address “r4wf7e”. 

A deeper look reveals address “r4wf7e” received 55.87 million tokens from address “rJgpQR” and then went on a spending spree in the hours after. The next few hours would be full of transactions ranging from 20,000 to 25 million XRP tokens to Bitstamp, Bitso, Independent Reserve, and some private addresses. 

Speculation On Why The Whale Is Moving XRP Now

The transfers into various exchanges have signaled that the whale intends to sell its holdings. However, there could be other reasons for the transfers, which could just be the whale wants to have their XRP readily available on the exchanges without even selling yet.

Of course, this is all speculation. There’s no way to know the whale’s exact intentions or how much token they plan to buy or sell, if any. But when amounts this large move onto exchanges, it often signals volatility ahead. 

On the other hand, data from on-chain analytics platform has shown whales purchased 11 million tokens worth $6.82 million in the just concluded week. The buying spree suggests there could still be a bullish sentiment among some whales.

XRP is trading at $0.62 at the time of writing. The cryptocurrency crossed over $0.7 again earlier this month but has struggled to continue this momentum. However, according to crypto analyst CryptoInsightUK, the token has a good chance of replicating the 61,000% gain it enjoyed back in 2017 before the SEC lawsuit.

Another analyst, Edward Farina, predicted Ripple has the potential to replace the current SWIFT system, at which point XRP could surge to $10,000.

Featured image from Pixabay

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Ethereum Still Bullish: Richest ETH Wallets Go On Massive $124 Billion Buying Spree

Ethereum whales have been bullish for a long time now, even through the stretched-out bear market of the last year, and their accumulation trends prove this. According to Santiment, the largest Ethereum wallets have been stacking up ETH at an alarming rate, suggesting that these large investors expect the price to keep going up.

Ethereum Whales Buy $124 Billion Worth Of Tokens

Santiment reports that the top 200 Ethereum whales have been buying ETH since November 21, 2022. This was just a few weeks after the FTX crypto exchange filed for bankruptcy, sending cryptocurrency prices across the space into a downward spiral. ETH prices would eventually fall as low as $900 and as fear grew, so did the opportunity for buying.

However, even after prices began to recover once more, breaking above $1,000, these large investors did not reduce their buying. Santiment reveals that they continued to purchase tokens and by November 2022, these top 200 Ethereum wallets have bought up $124 billion worth of ETH.

Ethereum

In total, these addresses increased their holdings by a whopping 30%, and they now hold a collective 62.76 million tokens. This figure means that the top 200 Ethereum wallets now command approximately 52% of the total ETH supply.

The whale buying spree has not been the only bullish development for Ethereum though as there has been a marked increase in the number of new ETH wallets that are being created. Santiment notes that on Tuesday, November 21, a total of 94,700 new wallets were created on the network, a new 4-month high. This could point to a return of interest in the ecosystem and adoption could trigger a price recovery.

ETH On The Cusp Of Recovery

Although the price of Ethereum has been hit hard following the news of Binance and its CEO Changpeng Zhao hitting the space hard, it has maintained a reasonable price level just below $2,000. This ensures that forecasts are still valid and the chances of recovery remain high.

Crypto analyst FieryTrading has forecasted that the Ethereum price could cross back into the $2,350 territory soon. The analyst notes that the [rice had been on a continuous consolidation trend following the rise from $1,500 to $2,100. Given this, FieryTrading expects the altcoin to break out of its current ‘bull-flag’ as the market rallies.

“Bull-flags are bullish continuation patterns, to bullish price action is the most likely result from this pattern,” FieryTrading explains. Once this breakout happens, then the analyst places the “Target at 2400$ for the coming weeks.”

ETH is currently sitting at $1,996 at the time of this writing with small losses of 0.45% in the last 24 hours. It is performing better than Bitcoin which has fallen 2.24% in the same timeframe to trade at $36,480.

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Prepare For Take-Off: Dogecoin Whales Have Injected $2 Billion Into DOGE

Dogecoin finally broke over $0.76 in the last 24 hours after a week of range trading and has emerged as a formidable performer in the past month. The crypto has seen gains of 25.9% in a 30-day timeframe, but the rally may be far from over.

DOGE whales have been working tirelessly behind the scenes to put the meme coin on the map, increasing their holdings by a substantial amount in the past month. On-chain data has revealed that large DOGE addresses have added more than $2 billion in DOGE in an effort to drive the crypto towards the $0.1 level.

Dogecoin Whales Inject $2 Billion Into DOGE In 30 Days

Data from the crypto analytics platform IntoTheBlock has reiterated the current bullish sentiment among Dogecoin whales. According to its Balance By Holdings metric, the balance of addresses holding between $100,000 to $1 million worth of DOGE has increased by 24.31% in the past 30 days.

Likewise, addresses holding between $1 million to $10 million increased by 27.43%, and addresses holding more than $10 million worth of DOGE increased by 29.28%. 

A closer look into this metric’s chart shows that the collective holdings of these addresses holding at least $100,000 worth of DOGE increased from $7.37 billion on October 7 to $9.469 billion on November 9. This implies that the crypto’s whales have acquired an additional $2.099 billion in DOGE within the past month.

Dogecoin 1
Source: IntoTheBlock

For regular investors, this whale activity is a bullish signal for DOGE’s price trajectory, as whale accumulation is still ongoing. IntoTheBlock’s data has also revealed these addresses holding at least $100,000 worth of DOGE have acquired $119 million in DOGE in the past 24 hours alone. 

IntoTheBlock’s Order Books metrics reveal an interesting imbalance between the supply and demand for DOGE. At the time of writing, buyers have placed buy orders of 902 million DOGE on various crypto exchanges. Meanwhile, sellers have only put up 876 million DOGE for sale.

Dogecoin 2Source: IntoTheBlock

Will DOGE Return To $0.1?

The current shift towards higher demand and the current accumulation of whales speaks volumes of the current sentiment around Dogecoin and the massive injection of capital into Dogecoin could significantly impact its price. 

Crypto analyst Ali Martinez pointed out on X that DOGE’s crucial support wall at the $0.072 to $0.073 price point outstrips the resistance in strength. According to Martinez, a breakout over $0.76 puts the next significant hurdle at $0.084. 

At the time of writing, the bulls have pushed DOGE by 4.28% in the past 24 hours, and the crypto is now trading at $0.07686. Continued buying pressure from the whales and retail traders could push DOGE back up to $0.1, which we haven’t seen since June.

Dogecoin price chart from Tradingview.com

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Dormant Bitcoin Whales Rouse From Slumber To Threaten BTC Rally

Dormant Bitcoin whales, or long-term HODLers holding huge amounts of BTC, have suddenly awakened and started moving their funds. After over six years of inactivity, three dormant Bitcoin addresses containing thousands of BTC unexpectedly became active again, and they transferred a combined total of 6,500 BTC. 

With BTC now showing signs of the resumption of the October rally, these massive Bitcoin transfers could either increase buying momentum or threaten to capsize the current bull run.

Dormant Bitcoin Whales Make Waves With Massive BTC Transfers

Movement of dormant Bitcoin addresses has been sporadic this year, with most causing a stir and rising interest amongst the Bitcoin community. Whale movement and whale acquisitions also spiked up in October, as Bitcoin’s price saw its highest increase in 18 months.

In the latest record of whale transactions this year, on-chain data has shown that a set of dormant Bitcoin from 2017 has moved for the first time in six years. These transactions came from three addresses transferring a total of 6,500 BTC, worth approximately $230 million. 

An in-depth look into these addresses shows they received their assets on November 5, 2017, with no movement until now. At the time, Bitcoin was trading at around $7,400, putting the total value of the transaction at $48 million. BTC has grown substantially since then, with a unit now going for $35,230 at the time of writing.

Selling Pressure Incoming?

The timing of the acquisition and transfer of these BTC point to them being controlled by one entity. Uncertainty behind these transfers sometimes can threaten buyer confidence as it could indicate the whale expects a price drop and is securing profits. 

Alternatively, it could show they foresee further growth and are reorganizing for the next big rally. On-chain data points to the former, as the BTC is still held in private addresses, showing they are probably still in self-custody.

Whale transfers to cryptocurrency exchanges have increased over the past few days, which may jeopardize Bitcoin’s present bull market and price gain. However, whale purchases have surged during the same period, indicating a combination of buys and selloffs from bulls and bears.

One particular whale transfer that caught the eye of many traders is the movement of 2,905 BTC worth approximately $100 million dollars between two unknown wallets.

On the other hand, Bitcoin recently cleared the $35,000 resistance level, as bulls look to continue October’s Bitcoin gains in the new month. November has generally been a profitable month for Bitcoin and on-chain signals currently point to greed on the Bitcoin Fear & Greed Index. A continued break above the $35,000 mark could see BTC reach 2022’s order block at $45,000. 

Bitcoin price chart from Tradingview.com

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Shiba Inu Accumulation: You Won’t Believe How Much SHIB Whales Have Bought

Shiba Inu is up by 12.15% in a 7-day timeframe as investors continue to accumulate cryptocurrencies in the wider crypto market. However, on-chain data has shown that accumulation has been going on for a while, with SHIB whales now accumulating $300 million in the past three months. 

Shiba Inu Whales Have Been Accumulating Large Amounts Of SHIB

On-chain data from IntoTheBlock has shown that SHIB whales, meaning large holders, have been accumulating huge amounts of SHIB over the last few months. Large holders in the Shiba Inu ecosystem are divided into 12 whales (those with more than 1% of circulating supply) and 47 investors (those with more than 0.1% of circulating supply). These top SHIB wallet addresses have added an increase of +33.17%, around $300 million worth of SHIB in just the last 90 days.

Data from the on-chain tracker Whale Alerts has shown various massive transfers during this time period. When investors accumulate large amounts, it often signals an incoming price rally. 

These massive accumulations by large holders point to their bullish belief in SHIB, despite the crypto having a weak momentum before the ongoing spike in the crypto market. 

This accumulation can, for the most part, be traced back to the introduction of Shibarium. The layer-2 solution developed by Shiba Inu, known as Shibarium, has had a good deal of success. At the time this article was written, the Shibarium blockchain had a total of 3,685,073 transactions and 1,257,858 wallet addresses.

SHIB Future Outlook

SHIB has had a price spike in relation to the ongoing inflow of funds into the crypto market currently being spearheaded by Bitcoin. At the time of writing, SHIB is trading at $0.00000784 after facing rejection at the $0.0000082 mark. 

Bulls have defended the $0.0000061 support level and $0.0000077 levels very strongly to form support after the price tested the latter level multiple times. A sustained move above $0.0000082 could send SHIB skyrocketing to its August high of $0.00001137.

Large SHIB holders now hold 71% of the total circulating supply, and some of them can manipulate the price to their advantage. While whale accumulation is a positive sign, there are other things to consider regarding SHIB’s price outlook. On the other hand, the Shiba Inu developers and team leaders have pointed at upcoming projects in the ecosystem, one of which is a stablecoin based on Shibarium. If successful, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, leading to a strong SHIB price spike.

XRP price chart from Tradingview.com (Crypto analyst XRP price prediction)

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Litecoin Whales Are Back In The Game, Can Price Reach $100?

Litecoin (LTC) whales are making their way back into the market once more as the bull market establishes itself. A number of large transactions have been flagged which suggests that these millionaire accounts are coming out to play.

Litecoin On-Chain And Whale Activity Hit 4-Month High

The Litecoin on-chain and whale activity has been on the rise recently, as reported by the on-chain analytics platform Santiment. In the report posted to X (formerly Twitter), Santiment revealed that there had been a big spike in the Litecoin on-chain activity.

The chart shared by the tracker showed the spike taking place in line with the price recovery, which would be the reason why investors are awakening once more. Santiment noted that this recovery in on-chain activity saw address activity on the blockchain, as well as whale activity reaching levels not seen since June, representing a 4-month high in this metric.

Litecoin whales

A total of 319,000 daily addresses were active on the network after this metric dropped drastically in the last few months Additionally, weekly whale transactions, that is transactions carrying more than $100,000 rose and touched a new 4-month high of 7,418.

These are not the only metrics that saw a spike as the dormant LTC address started seeing movement again. These addresses which had previously not seen movement for a while began to move coins around, adding to the current number of coins in circulation.

LTC Ready For A Shoot To $100?

The revival of on-chain activity for Litecoin is a welcome development for the network but it is not exactly bullish. The reason for this is how the LTC price has reacted since this activity commenced, which is not very encouraging.

As the dormant LTC started to move once more, the price began to decline. This suggests that this subset of holders may be selling their coins after holding and waiting for better prices. In this case, the selling pressure has outweighed the demand for the coin.

A continuation of this will likely see the price continue to fall further, and a recovery to $100 is still far off on the horizon. So this recent bout of activity may just be investors choosing to sell rather than coming back to participate in buying.

The LTC price already fell from its $69 level on Thursday to as low as $67 on Friday before mounting a small recovery. Presently, the Litecoin price is sitting at $67.8, representing a 2.14% decrease in the last day.

Litecoin price chart from Tradingview.com

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XRP Price Gearing Up For Rebound As Whales Make Their Move

Although the XRP price has witnessed a decline along with the overall crypto market since the beginning of October, recent price action shows XRP is consolidating in the $0.5 support level, suggesting the early stages of a rebound may be brewing. In addition to this, on-chain data has revealed some whales are expanding their holdings in preparation for the rebound.  

Large XRP Transactions Hint At Accumulation

Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be accumulating XRP tokens.

According to data from Whale Alerts, a crypto whale tracking service, 50 million XRP worth $24.8 million was recently transferred from Crypto.com to a private wallet. 

Whatever the reasons, massive XRP transactions like this are worth paying attention to as they can either increase or decrease buying and selling pressure.  

While there have been other whale movements from private wallets to exchanges, data from the crypto analytics platform Santiment points to an accumulation tactic from XRP whales. A metric that follows the balances of wallets holding between 100,000 to 1 million XRP has significantly increased since the beginning of the month. 

In this last 7-day timeframe, the net cumulative balance in these wallets increased by 60 million XRP tokens from 3.77 billion to 3.83 billion. XRP is currently trading at $0.499, putting the net increase of these whales at $29.9 million.

XRP price chart from Tradingview.com

What’s Next For XRP Price – Potential Impact

Interest in the XRP price is now at one of its highest levels, and according to financial analysts, the cryptocurrency is leading the charge in upending the conventional payments sector. The number of XRP holders has also steadily been on the rise, as news about Ripple and the SEC has continued to generate attention for XRP. 

Data from Santiment below shows this measure is now at 4.8 million wallet addresses:

Ethereum price

The XRP price is down by 2.11% in the past 24 hours, but trading volume increased by 56.53%. Higher volume means there is more activity and interest in an asset, which can indicate a price spike. However, bulls have failed to hold the $0.50 support zone, and XRP might continue to move down if it breaks below $0.488. 

With whales accumulating, key support levels holding, and the SEC lawsuit progressing in Ripple’s favor, there might be a bullish reversal for XRP. According to one analyst, XRP could rise 1137% to a new to a new all-time high of $5.85.

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Dogecoin In A Dire Position As Daily Active Addresses Drop Drastically

Dogecoin, which began as a meme cryptocurrency, has demonstrated that it can compete successfully in the crypto market. Although Dogecoin is still the biggest meme crypto, on-chain data points to the crypto losing steam among whale investors.

According to data from IntoTheBlock, the number of Dogecoin transactions valued at $100,000 or more has declined sharply over the past few months. Data also shows that the number of daily transactions has been on a steady decline since May.

Dogecoin Whale Transactions 

Dogecoin seems to be losing interest from whale traders. A deep dive into on-chain data from IntoTheBlock has shown Dogecoin witnessed only 651 whale transactions in the past 24 hours and 4.85k whale transactions throughout the week.

This metric follows transactions above $100,000, but its current level is a pale reflection of Dogecoin’s past performance. At the height of the Dogecoin hype in 2021, whale transactions made up a sizable portion of all Dogecoin transfers, reaching as high as 39.3k transactions in one week. 

A metric following the number of overall transactions has shown similar results of low volume. Dogecoin recorded a staggering increase of 8,220% in daily transactions to reach 2.08 million on May 27, but this count has since fallen to just 38,000 transactions in the past 24 hours. When daily active addresses decline this rapidly, it’s usually a sign that interest in the crypto asset is waning.

Dogecoin has been on a downtrend for quite some time, although it is still the 9th largest crypto in terms of market cap. At the time of writing, Doge is trading at $0.06133, down by 3.59% in a monthly timeframe. The crypto has also witnessed a 22.24% drop in trading volume in the past 24 hours.

Declining Interest In Dogecoin And Other Meme Coins

The value of meme cryptocurrencies is highly dependent on hype and popularity rather than real-world utility. So, declining interest and activity among users and investors can be an issue.

Shiba Inu has taken the attention of the crypto industry in the past few months, as it looks to elevate itself from being just a meme crypto. Other meme coins like Dogecoin and Dogelon Mars have struggled to receive interest from investors. According to on-chain analytics firm Santiment, social media talks about meme coins are now at their lowest level since 2020.

Though the drop in transaction count is worrying, Dogecoin has defied the odds before. There’s a good chance that X (formerly Twitter) could incorporate Dogecoin payments into its platform. If this is implemented, it could serve as the next catalyst for Dogecoin’s growth.

Featured image from Getty Images 

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Dogecoin In A Dire Position As Daily Active Addresses Drop Drastically

Dogecoin, which began as a meme cryptocurrency, has demonstrated that it can compete successfully in the crypto market. Although Dogecoin is still the biggest meme crypto, on-chain data points to the crypto losing steam among whale investors.

According to data from IntoTheBlock, the number of Dogecoin transactions valued at $100,000 or more has declined sharply over the past few months. Data also shows that the number of daily transactions has been on a steady decline since May.

Dogecoin Whale Transactions 

Dogecoin seems to be losing interest from whale traders. A deep dive into on-chain data from IntoTheBlock has shown Dogecoin witnessed only 651 whale transactions in the past 24 hours and 4.85k whale transactions throughout the week.

This metric follows transactions above $100,000, but its current level is a pale reflection of Dogecoin’s past performance. At the height of the Dogecoin hype in 2021, whale transactions made up a sizable portion of all Dogecoin transfers, reaching as high as 39.3k transactions in one week. 

A metric following the number of overall transactions has shown similar results of low volume. Dogecoin recorded a staggering increase of 8,220% in daily transactions to reach 2.08 million on May 27, but this count has since fallen to just 38,000 transactions in the past 24 hours. When daily active addresses decline this rapidly, it’s usually a sign that interest in the crypto asset is waning.

Dogecoin has been on a downtrend for quite some time, although it is still the 9th largest crypto in terms of market cap. At the time of writing, Doge is trading at $0.06133, down by 3.59% in a monthly timeframe. The crypto has also witnessed a 22.24% drop in trading volume in the past 24 hours.

Declining Interest In Dogecoin And Other Meme Coins

The value of meme cryptocurrencies is highly dependent on hype and popularity rather than real-world utility. So, declining interest and activity among users and investors can be an issue.

Shiba Inu has taken the attention of the crypto industry in the past few months, as it looks to elevate itself from being just a meme crypto. Other meme coins like Dogecoin and Dogelon Mars have struggled to receive interest from investors. According to on-chain analytics firm Santiment, social media talks about meme coins are now at their lowest level since 2020.

Though the drop in transaction count is worrying, Dogecoin has defied the odds before. There’s a good chance that X (formerly Twitter) could incorporate Dogecoin payments into its platform. If this is implemented, it could serve as the next catalyst for Dogecoin’s growth.

Featured image from Getty Images 

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Report Reveals Crypto Whale Center With Majority Of Transactions Crossing $1 Million

A report from blockchain data analytics platform Chainalysis has revealed that the majority of crypto transactions in the United Arab Emirates (UAE) from July 2022 to June 2023 have been whale transactions, crossing over $1 million each. 

Majority Of UAE Crypto Transactions Exceeds $1 million 

The report from Chainalysis reveals that institutional investments accounted for the majority of cryptocurrency transactions in the UAE with over 67% from July 2022 to June 2023. 

The Institutional investments in the country range from $1 million, followed by professional investments ranging from $10,000 to $1 million, and retail investments which accounted for just 4.63% of cryptocurrency transactions in the country up to $10,000.

Kim Grauer, the Director of Research at Chainalysis shed more light on this significant trend noting that the report marks a significant interest among organizations and high-net-worth individuals in the UAE to add cryptocurrency to their investment portfolios.

“The fact that by far the larger portion of crypto investments in the UAE is for institutional and professional-sized transactions, indicates an eagerness from organizations and high-net-worth individuals to add cryptocurrency to their investment portfolios. This market confidence is validation of the efforts being made by the country’s leadership to offer commendable regulatory clarity, and establish the nation as a global crypto hub,” the director said.

The report shows that UAE was one of the only countries in the MENA (Middle East and North Africa) region to spot a higher share of crypto activity within the decentralized exchanges than centralized exchanges. The country’s decentralized exchanges activity was over 48% with centralized exchanges accounting for 46%.

So far, the country’s crypto market value dropped by 17% over the past year accounting for over $34 billion in crypto market value this year. However, the country still managed to outperform other countries in the MENA region.

The Decentralized Finance (DeFi) sector has also seen tremendous popularity in the country since 2022. This further proves that the country has been successful in passing innovation-friendly regulatory frameworks that allow the development of innovative cryptocurrency platforms in the country, with a direction that keeps consumers safe.

The country also displayed its interest in Non-Fungible Tokens (NFTs) over time. The report revealed that the country had an impressive number of over 4 million web traffic visits across NFT sites from July 2022 to June 2023, despite the fast declination of NFTs since 2022.

Crypto whale NFT

Chainalysis Cryptocurrency Adoption Ranking

On September 12, 2023, Chainalysis released an excerpt based on a variety of parameters to determine the grassroots crypto adoption. The excerpt revealed that most of the countries leading the charge are from the Central & Southern Asia and Oceania (CSAO) region.

According to the excerpt, six countries from the CSAO region are among the top 10 leading countries. These include India, Vietnam, the Philippines, Indonesia, Pakistan, and Thailand.

The lower middle-income (LMI) countries were identified to be leading the way in grassroots crypto adoption around the world since last year.

The excerpt was released following the data analysis of 154 countries across five sub-indexes around the world. The rankings were then determined by each country’s geometric mean in all five areas, crypto purchasing power, and population strength.

Crypto total market cap chart from Tradingview.com (whale center chainalysis)

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Ethereum Whales Send $486 Million To Coinbase, Time To Exit?

Ethereum has seen the price of its native token ETH drop alongside Bitcoin as the bear market continues to gain group. This has triggered fear among investors, leading to high selling pressure on the digital asset. Even the Ethereum whales are now dancing to the tune of the bear market as they have begun to send large amounts of ETH to centralized exchanges.

Ethereum Whales Push Toward Selling

A recent Santiment report posted on the X (formerly Twitter) platform has shown that Ethereum whales may be looking to exit stage left at this time. The chart which was posted by the on-chain data tracker shows that whales were moving 300,000 ETH to centralized exchange Coinbase.

The transfer took place across two transactions carrying 150,000 ETH each. At the time, each of the transactions was carrying ETH worth $243 million to the exchange. So in total, both transactions saw a total of $486 million in ETH moved to Coinbase.

Ethereum whales

Despite being such closely watched transactions, there have been no indications of what the whales intend to do. Usually, coins moving toward centralized exchanges means sell-offs, especially for large investors, who do so to minimize the impact of their selling as much as possible.

However, the price of Ethereum is still trading close to where it was on Monday, and if these whales were looking to sell, then such activities would’ve led to a fast plunge in the price of ETH.

There is also the fact that once the ETH was transferred to Coinbase’s hot wallet, they would be further broken down into smaller chunks of 4,282 ETH, which were then moved to other wallets. But even this doesn’t paint a clear picture of why the ETH was moved to Coinbase in the first place.

Bears Take Over With Negative Sentiment

The selling pressure that the Ethereum price has been under recently has not come out of nowhere. The Crypto Fear & Greed Index had moved into the fear territory following the market crash. This meant that investors were more likely to sell their holdings than put new money into the market.

Related Reading: On-chain Sleuth Potentially Unveils Shiba Inu Founder With Shocking Affiliates

For ETH, it has now become a battle for the bulls given that the bears have successfully dragged the price below the 50-day moving average. This points toward more bearish momentum for the asset in the short term. However, it is not all bad.

Ethereum (ETH) price chart from Tradingview.com (Ethereum whales)

Usually, when indicators have dropped so low, it can often be a bounce-off point for a recovery. So while ETH may be looking toward more bear movement for the near term, the digital asset could be close to another rally, possibly pushing its price above $1,700 once more.

ETH’s price is changing hands at $1,624 at the time of this writing. It’s down 0.90% and 1.31% on the daily and weekly charts, respectively.

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Shiba Inu Whales Begin Accumulation As Shibarium Grows

The success of the Shibarium blockchain so far has led to Shiba Inu whale activity rising once more. These whales have been making large transfers carrying trillions of SHIB tokens worth tens of millions of dollars. This heightened activity, while interesting on its own, is also leading to positive sentiment around them due to their destinations.

Shiba Inu Whales Moving Away From Centralized Exchanges

A number of large Shiba Inu transactions were highlighted by the popular whale tracking account on X (formerly Twitter) called Whale Alert. The first transaction took place on Saturday, September 2, a couple of days after the Shibarium blockchain went public and started growing.

The transaction saw a total of 4.36 trillion SHIB tokens moved from the Bitvavo exchange to an unknown wallet. This transaction was worth roughly $37 million at the time and was speculated to be moved to a private wallet for holding.

This is because when crypto users move tokens toward centralized exchanges, it is often to sell due to the deep liquidity. While moving tokens from centralized exchanges to private wallets is often for holding while investors wait for the market to recover.

Another similar transaction was then flagged on Monday, September 4, carrying almost the same number of SHIB. The 4.615 trillion SHIB worth $35.69 million was also moved from the Bitvavo exchange to an unknown wallet, presumably for safekeeping.

These transactions could signal that the whales are expecting the Shibarium network to grow and positively affect the price of SHIB. The meme token is already showing signs of this recovery its trading volume rose 14% in the last day.

Shibarium Continues To Grow

Shibarium was launched in late August but despite an initial rocky start, the network seems to have taken it in stride and bounced back stronger. The activity on the network saw its Total Value Locked (TVL) quickly surpass $1 million.

Shibarium TVL

This was brought about by high activity in decentralized finance (DeFi) protocols such as DogSwap and MARSWAP. The former currently boasts over 50% of Shibarium’s TVL with the latter not too far behind at 26%.

The network has also crossed the 1 million wallet market in addition to transactions on the blockchain reaching the same figure. However, the TVL has taken a hit to fall from the $1.42 million figure recorded on August 30 to be sitting at $1.05 million at the time of this writing.

While the figures may be slowing for Shibarium, it may not mean a total lack of interest. Shibarium was launched in a deep bear market climate, which is one factor that could now be limiting its growth as prices fall.

Shiba Inu price chart from Tradingview.com (Shibarium whales)