Every week, regardless of the market conditions, crypto whales tend to increase the size of most of their positions.
The first week of August 2024 was no different, despite a significant market drop on Monday. However, these were purchased tokens.
Ripple (XRP)
Crypto whales have been buying up a lot of XRP, helping the market cap jump 23% in a single day on August 7. Before the recent drop, wallets holding between 1 million and 10 million XRP held $4.42 billion worth of tokens. That’s a value of 7.06 billion coins.
However, this is not the only cohort that has seen its balances surge. According to Santiment, the balance of addresses holding between 100 million and a billion tokens has increased and now accounts for 15% of the total supply.
Read more: How to Buy XRP and Everything You Need to Know
Following the developments and the SEC case’s decision, the price of XRP jumped and reached a weekly peak of $0.65. However, at the time of publication, the token’s value had dropped to $0.58.
Ondo (ONDO)
Ondo is back on the list of altcoin crypto whales that were bought, just like in the last week of July. On a seven-day time frame, IntoTheBlock data shows that Large Holders Netflow has increased by over 3,000%.
Net flow by large holders is the difference between their inflows and outflows. A positive difference means that whales are buying more than they are selling. However, a net negative figure means that whales are selling more than they are buying.
For ONDO, the accumulation may be due to the growth of institutional interest. At the time of publication, the token is trading at $0.76. Until now, the price reached $0.82.
Despite calls for the cryptocurrency to reach $1, this has not happened. However, if whales continue to buy the token, the price may recover.
Cardano (ADA)
Cardano could be a surprise this week, mainly due to its disappointing price action. At press time, ADA is trading at $0.34.
However, crypto whales appear to be viewing the recent decline as an opportunity to buy the dip. According to Santiment data, the balance of addresses holding between 1 million and 10 million tokens has increased and now holds more than 16% of the total ADA supply.
Read More: 6 Best Cardano (ADA) Wallets to Consider in August 2024
From what it looks like, whales may continue to take advantage of the opportunity to buy lower. If that happens, ADA could experience a rally.
