Altcoin moves of crypto money whales are always on our agenda. Now they have started to hunt for cryptocurrencies again. So, which ones to turn to? Details are in our article.
Whales are making moves for these 3 cryptocurrencies
Large institutional investors have started to bet on the cryptocurrency group strategically. Accordingly, the bets coincide with the time of negative emotions in the market. In addition, the recent contraction in the sector offers an opportunity to buy the bottom level. Here are the leading altcoins that have caught the attention of investors in the past few days. On Monday, there was a decline across the sector. Ripple (XRP) entered the list of ten well-performing altcoins with a price increase of 17% before that. Accordingly, there are crypto whales reaffirming their trust in XRP. Between May 30 and June 6, XRP whales holding one million to 10 million coins doubled their bullish stance. The chart below shows how they added 100 million coins worth about $53 million.
Notably, the SEC has removed Ripple-issued coins from the list of cryptocurrencies labeled as securities in its lawsuit against Binance. Crypto whales seem to have interpreted this as the beacon of a potential victory in Ripple’s SEC lawsuit.
LidoDAO whales make a move
ETH staked in smart contracts reached an all-time high in May 2023. This was because investors were embracing the passive income opportunities offered by Ethereum’s new proof-of-stake status. However, cryptocurrency LidoDAO (LDO), a leading liquidity staking derivatives protocol, has also benefited from this DeFi staking boom in recent weeks. On the other hand, on-chain data shows that crypto whales are starting to take bullish positions in the native LDO token. Over the past two weeks, crypto whales have increased their bets on LDO. The chart below shows that Major Trades involving LDO have more than doubled since the close of May. On May 27, only 14 whale transactions were recorded on LidoDAO. This figure came to 73 transactions at the close of 6 June.
The global cryptocurrency market cap grew by 53% in the first quarter of 2023. However, since then, the bull rally has relatively stalled. Crypto whales are now turning to the passive income opportunities offered by DeFi staking protocols like LidoDAO. If this trend continues, LDO owners will expect more price increases in June 2023.
Optimism draws attention
Optimism (OP) is another major altcoin that has caught the attention of strategic whale investors in recent weeks. There are additions for the cryptocurrency between May 30 and June 7. Accordingly, crypto whales with 100,000 to 10 million OP balances have added another 100 million tokens to their holdings.
At the current market price of $1.50, the new investment by crypto whales is worth around $150 million. Also, given the enthusiasm surrounding Optimism’s successful Layer 2 network upgrade, the OP could enter a protracted rally if the whales continue to buy in June 2023. Accordingly, regulators are putting pressure on leading exchanges. But institutional investors seem to have put their capital on the path to Bitcoin and a handful of altcoins. That’s why strategic investors are looking at this group of cryptocurrencies. cryptocoin.comWhen we look at it as a whole, these altcoins are promising for whales.
