Investors with strong faith in specific cryptocurrencies often see market corrections as prime opportunities to increase their holdings. This has been especially evident with two major players in the crypto space: Dogecoin and Ripple (XRP). Recent on-chain data indicates that large investors, commonly referred to as whales, seized the chance to invest millions into both coins amid a recent market downturn.
This unexpected market-wide crash, which began mid-week, took many by surprise. The sweep left a trail of multi-billion dollar liquidations, particularly affecting major cryptocurrencies. Bitcoin, for instance, dropped sharply from over $108,000 earlier in the week to about $92,000 by Friday. As has often been the case, altcoins followed suit, experiencing significant declines as well.
At one stage, Dogecoin and Ripple found themselves among the hardest-hit assets. Dogecoin, which had been valued at over $0.41, suffered a staggering fall of more than 35%, sinking to a low of $0.26. XRP faced a similar fate, dropping from $2.72 to $1.96, representing a decline of 28%. Fortunately, both coins have begun to rebound, with Dogecoin now hovering around $0.34 and XRP climbing back to $2.30, reflecting increases of 30% and 17%, respectively.
According to crypto analyst Ali Martinez, the buying activity from whales did not go unnoticed. While many investors hesitated, those with considerable capital took steps to capitalize on the dip. Specifically, XRP whales accumulated an impressive 80 million tokens since the price correction began on December 17.
Whales bought 80 million $XRP since the price correction began on December 17!
Similarly, Dogecoin whales were active during this period, gathering over 250 million DOGE. Such monumental purchases can create a positive ripple effect by reducing the immediate sell pressure on these assets and potentially boosting their prices.
Whales bought over 250 million #Dogecoin $DOGE during the recent market dip!
The recent activity of these large investors showcases a clear trend: strong support for both DOGE and XRP from those who believe in their market potential. For investors looking to understand the fluctuations in cryptocurrency prices, the actions of these whales serve as an insightful indicator of future market movements.
