Bitrabo Editorial
The global crypto market faced a 5% decline on Monday following the SEC’s legal action against Binance and its CEO, Chanpeng Zhao. However, amid the market turbulence, smart investors have shifted their focus to a select few altcoins.
Large institutional investors are taking advantage of the current industry-wide dip in prices. Here are the leading altcoins that have gained the attention of investors in the last few days:
Crypto Whales Double Down on XRP
Ripple (XRP) experienced a 17% price increase before the market-wide correction on Monday, making it one of the ten best-performing altcoins. Crypto whales have reaffirmed their confidence in XRP, which has been critical to the current bull rally.
Between May 30 and June 6, XRP whales who hold between one million and ten million coins have doubled down on their bullish stance. These whales have added 100 million coins valued at nearly $53 million. Check the chart below for more info.
Interestingly, the SEC excluded Ripple-issued coins from the list of cryptocurrencies deemed securities in its lawsuit against Binance. Crypto whales have interpreted this as an indication of potential victory in Ripple’s highly publicized SEC case.
DeFi Staking Boosts LidoDAO
Ethereum staked in smart contracts hit an all-time high in May 2023 as investors took an interest in passive income opportunities offered by Ethereum’s new proof of stake status.
LidoDAO (LDO), a leading liquidity staking derivatives protocol, has benefited from the DeFi staking boom in recent weeks. On-chain data shows that crypto whales have started taking bullish positions on its native LDO token.
Over the past fortnight, crypto whales have increased their bets on LDO, with the number of Large Transactions involving LDO more than doubling since the end of May.
On May 27, only 14 whale transactions were recorded on LidoDAO, compared to 73 transactions at the close of June 6.
Crypto whales are turning to DeFi staking protocols like LidoDAO for passive income opportunities as the bullish rally has subsided. If this trend continues, LDO holders can expect further price gains in June 2023.
Optimism Sparks Interest from Large Investors
Optimism (OP), another leading altcoin, attracted strategic whale investors in recent weeks. Between May 30 and June 7, crypto whales holding balances of 100,000 to 10 million OP added another 100 million tokens to their holdings.
At the current market price of $1.50, the new investment made by the crypto whales is worth approximately $150 million. With the buzz surrounding Optimism’s successful Layer 2 network upgrade, OP could enjoy a prolonged rally if whales continue to buy in June 2023.
Institutional investors are moving capital towards Bitcoin and a few altcoins as regulators crack down on major exchanges. Smart investors will keep an eye out for these altcoins as they navigate the turbulent market.
Disclaimer
Under the Trust Project guidelines, this price analysis article is solely for informational purposes and should not be treated as investment or financial advice. Bitrabo is committed to providing accurate, impartial reporting, but market conditions may change without notice. Always conduct personal research and consult a professional before making any financial decisions.