TL:DR;
- Crypto markets went through a more volatile end of the week, but larger investors seem unfazed as they keep accumulating two of the biggest tokens by market cap.
- The question now is whether XRP and DOGE will rebound swiftly, given the massive purchases completed by the so-called whales.
The cryptocurrency market experienced a tumultuous week, with Bitcoin reaching over $102,000 initially before plummeting by more than $10,000 in just two days, hitting a low not seen for several weeks.
In response, Dogecoin (DOGE) and other alternative cryptocurrencies mirrored the trend. At a certain point this week, DOGE was nearly $0.4, but it subsequently dropped towards $0.31, equating to a 22% pullback.
On the 4th of January, XRP momentarily exceeded $2.5, and by the 7th, it reached $2.47. However, a broader market adjustment caused its value to dip to roughly $2.2 on the 9th. In the last 24 hours, it has stabilized near $2.33.
During uncertain market conditions, these amplified fluctuations often cause unease among individual investors, or retail investors, yet it appears that large-scale investors, known as ‘whales’, have shown no fear. According to data from Santiment, as shared by Ali Martinez, these whales have actually increased their holdings of XRP and DOGE, suggesting a buying spree amid the market uncertainty.
Over a period of just 48 hours, the owners of the most popular meme coin (in terms of market capitalization) boosted their holdings by acquiring over 470 million Dogecoin units. When you consider this amount in U.S. dollars, it translates to approximately $150 million at an average price of around $0.33 per token.
In the past couple of days, large investors (whales) have significantly increased their holdings of XRP by buying over a billion tokens, which equates to approximately $2.3 billion given an average price of about $2.3 per token. This move suggests a positive outlook for XRP.
Whales bought roughly 1 billion $XRP in the last 48 hours!
— Ali (@ali_charts) January 10, 2025
It’s significant to point out that these assets displayed a more tolerable response to the recent market-wide collapse compared to the one in late 2024, during which Bitcoin plummeted towards $91,000 again.
Previously, XRP experienced a significant drop, falling beneath the $2 mark on multiple instances. However, in this recent correction, the lowest point for the token was $2.2, which is 10% higher than its previous low. This might be due to the substantial purchases mentioned earlier.
DOGE experienced a situation reminiscent of its past, dipping down to approximately $0.26 on December 30, but its lowest point since then has been higher, reaching around $0.31.
Therefore, it’s fair to assume that the whale holdings supported both investments during the downturn, and they might have a more substantial impact if they persist and the market recovers within the coming days.
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2025-01-11 10:38