The first week of July was a tough week for the markets. But amidst the increased selling, crypto whales have been putting some altcoins into their wallets that some might call undervalued.
Whales are big investors and their influence on prices cannot be underestimated. Therefore, market participants may want to keep an eye on Dogecoin (DOGE), Optimism (OP), and Pepe (PEPE), as these are some of the altcoin cryptocurrencies that whales have been buying this week.
Dogecoin (DOGE) Large Holders Overlook Downtrend
Like other cryptocurrencies, the price of DOGE has also plummeted. Specifically, it has lost 23.76% of its value over the past seven days.
However, this has not stopped crypto whales from buying more coins, as BeInCrypto observes after assessing the massive inflow of holders as shown by IntoTheBlock.
This inflow shows strong buying activity from market participants who hold between 0.1% and 1% of the cryptocurrency. The inflow on Tuesday, July 2nd was 61.88 million DOGE.
However, a day later, the inflow reached 516.08 million, indicating that whales were buying the dip. The figure has now fallen to 215.9 million.
At an average price of $0.11, crypto whales bought $23.74 million worth of Dogecoin in the first week of July, a 175.44% increase from their holdings in the last week of June.
Optimistic (OP) whales ignore unlocking and bullish on ETFs
The second on this list is OP, a token for a layer 2 blockchain built on Ethereum. This week, OP’s price has dropped by 27.82%. In addition to the broader market decline, OP’s decline is related to a series of token unlocks between July 1 and 5.
With the unlock putting selling pressure on the price, crypto whales decided to buy tokens at a discount.
According to Santiment, whales holding between 1 million and 10 million OP added to their balances in the first week of this month. As a result, this group now holds 11.27% of the total OP supply.
Read more: What is Optimism?
The decision appears to be largely driven by the upcoming approval of an Ethereum ETF, which for most market participants could see official trading of the product push up the price of ETH.
Since ETH has a strong correlation with OP, whales see it as a good idea to buy the token at a lower price before a potential rally begins.
The whales put PEPE on top of the chain
Looking at the netflow of large PEPE holders, it has increased by a whopping 2237.18% in the last 7 days. This means that the crypto whales buying PEPE are outpacing the whales selling it at the rate mentioned above.
Despite the increased buying, the accumulation had little effect on the price of PEPE. At the time of writing, PEPE is trading at $0.0000078, the lowest price since May 4th.
If these large investors continue to buy tokens even as the price declines, eventually stability may emerge.
Read more: Pepe (PEPE) Price Forecast 2024/2025/2030
However, given the current market conditions, whale accumulation alone may not be enough to prevent further price declines, as Bitcoin (BTC) appears to be the cryptocurrency dragging the market back.
If BTC fails to stop the correction, DOGE, OP, and PEPE could continue to face downward pressure. However, a rebound in the top cryptocurrency could prevent another crash.
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