As a seasoned researcher with over two decades of experience in financial markets, I’ve seen numerous market cycles and corrections. The recent market meltdown was no exception, and it provided a fascinating insight into investor behavior, particularly in the crypto space. The large-scale accumulation by whales during the correction of DOGE and XRP is a testament to their conviction in these assets.
TL:DR;
- Investors with lots of conviction for certain assets tend to utilize deep corrections to stack more of those coins, and this seems to be the case in regards to the two of the largest cryptocurrencies – DOGE and XRP.
- On-chain data shows that large wallets poured millions into both during the recent market meltdown.
Caught off guard midweek, I found myself in the midst of a sudden and widespread market downturn, which saw massive liquidations amounting to billions of dollars on more than one occasion.
On Tuesday, Bitcoin‘s value soared above $108,000, but by Friday, it had tumbled down to $92,000, paving the way for a general decline in the value of all cryptocurrencies. Interestingly, instead of being exempted, alternative coins (altcoins) experienced a drop as well.
At a certain point, Dogecoin (DOGE) and Ripple (XRP) experienced particularly poor performance. The value of DOGE soared above $0.41, but following the beginning of correction, it plummeted by more than 35%, reaching its low for Friday at $0.26.
Initially, the value of XRP nosedived from approximately $2.72 on Tuesday to $1.96, marking a significant decrease of nearly 28%. But following this steep fall, both assets have rebounded, with Dogecoin approaching $0.34 (a rise of about 30%) and XRP at around $2.3 (an increase of approximately 17%).
According to data from well-known crypto analyst Ali Martinez, large investors (whales) monitoring both assets have been actively buying rather than remaining idle. Specifically regarding Ripple, these whales have purchased around 80 million tokens since the price decline started on December 17.
Whales bought 80 million $XRP since the price correction began on December 17!
— Ali (@ali_charts) December 20, 2024
Large Dogecoin investors, or “whales,” added more than 250 million DOGE coins to their wallets. These significant purchases typically reduce the immediate urge to sell, which can have a positive effect on the asset’s price.
Whales bought over 250 million #Dogecoin $DOGE during the recent market dip!
— Ali (@ali_charts) December 21, 2024
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2024-12-21 15:16