- Whales accumulated bitcoin, dogecoin, and XRP during the recent market correction
- 342 bitcoin wallets containing at least 100 BTC were created during the dip
- Whales bought over 100 million XRP and 210 million DOGE as prices dropped
As the cryptocurrency market experienced sharp declines in recent days, whales – the term used to refer to large-scale cryptocurrency investors – have capitalized on the downturn by accumulating more of their chosen assets. This accumulation spree involved not only Bitcoin (BTC) but also Dogecoin (DOGE) and Ripple (XRP).
Whales’ Activity during BTC Market Correction
As Bitcoin attempted to breach the $100,000 mark several times over the weekend, each attempt was met with a significant correction that pushed the value of the cryptocurrency southwards. In fact, Bitcoin saw a substantial drop of over $6,000 twice, slipping down to $94,400 on Monday and Tuesday. Yet, these violent price swings served as an opportunity for the whales. According to on-chain data, 342 new wallets holding at least 100 bitcoins were created during this market correction. Even as Bitcoin rebounded and surged past the $100,000 mark once more, the whales continued their buying spree.
Whale Activity in DOGE and XRP
It’s not just Bitcoin that caught the attention of whales. Other popular cryptocurrencies such as Dogecoin (DOGE) and Ripple (XRP) also witnessed substantial buying activity. Data indicates that whales purchased over 100 million XRP during its crash from over $2.4 to under $2. As for Dogecoin, despite its price slump from $0.44 to under $0.37, whales accumulated an impressive 210 million of the asset during the downturn.
Conclusion
The recent market correction has seen considerable movement from cryptocurrency whales, capitalizing on the opportunity to stack up on their chosen assets. With strong conviction and deeper pockets, these large-scale investors continue to shape the crypto market landscape, turning market downturns into opportunities for accumulation. As the market continues to fluctuate, these whale movements serve as an interesting barometer of investor sentiment and strategy.
