Crypto Whales Focused on Promising Altcoin Projects
If you’ve been following the crypto market, you may have noticed that crypto whales are showing interest in altcoins. This week, three altcoin projects have caught their attention, and the timely whale inflows have driven up the price charts.
FTT Whales Swooped in After Gary Gensler’s Statements
FTT, the native token of defunct cryptocurrency exchange FTX, surged by 90% this week due to comments from SEC chairman Gary Gensler. On-chain data revealed how crypto whales swooped in to scoop large amounts of the FTT token, triggering a bullish price action. Despite a 30% decline from last week’s peak, the whales are still actively buying FTT, indicating potential for further price gains.
Large Investors Swooped in to Prevent Ripple (XRP) Dropping Below $0.65
XRP experienced a 13% free fall after retreating from last week’s peak of $0.72. However, as it tumbled to the critical $0.65 support level, crypto whales intensified their buying pressure by adding a staggering 90 million coins to their balances. This large capital inflow suggests they are positioning for another price breakout, potentially reclaiming the $0.70 area in the coming days.
Bargain Hunting Whales Keeping ApeCoin From Going to Zero
ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, fell to an all-time low of $1.02 in October. However, millionaire crypto whales swooped in to accumulate APE tokens at bargain prices, leading to a 40% rebound and potential for further gains if whale accumulation continues.
Hot Take: Crypto Whales Driving Altcoin Growth
The influence of institutional entities and high-net worth holders is evident as crypto whales focus on altcoins like FTT, Ripple (XRP), and ApeCoin (APE). Their strategic buying at discounted prices could boost investor confidence in these projects’ long-term viability.
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