Despite the larger market’s bearish undertone, some whales have activated their movements in the market as they eye long-term gains.
XRP High on Whales’ List
Whales (holders of between 1 million and 10 million XRP) are buying up to XRP, according to a recent study by Santiment. The blockchain analytics firm revealed that these large holders of the cryptocurrency have been stocking up recently as price volatility in digital assets markets increases rapidly over the last few weeks and months.
According to Santiment, in just 11 days, the wealthiest non-exchange XRP holders saw their collective holdings increase by 2.4%.
🐳 #XRPNetwork whales holding between 1M and 10M $XRP have collectively been accumulating, and now hold their highest percentage of the asset’s supply in 2 months. This is the most active tier of non-exchange holders, and currently hold 6.12% of all $XRP. https://t.co/l39gjRe1Jb pic.twitter.com/M71kwL6r7T
— Santiment (@santimentfeed) May 25, 2022
Santiment says that the whales are in control of at least 10 million XRP, which constitutes a majority of the coin’s total supply.
Yes, that’s correct, Brad. For reference, here are the top 3 tiers of whales, all using different axes. The yellow line is the one you’re referring to, which is the tier of addresses holding 10M or more $XRP. They tend to be fairly inactive, and currently hold 73% of the supply. pic.twitter.com/ubGUpscPU2
— Santiment (@santimentfeed) May 26, 2022
New data from Santiment shows that despite the decline in price, Bitcoin wallets holding between 100 and 1000 BTC continue to grow.
🐳 As #Bitcoin continues treading water at $29.6k, the amount of key whale addresses (holding 100 to 1k $BTC) continues rising after the massive dumping from late January. We’ve historically seen a correlation between price & this tier’s address quantity. https://t.co/SZ7A4WaD29 pic.twitter.com/nDmdGzFAXV
— Santiment (@santimentfeed) May 25, 2022
The firm notes that transaction fees recently dropped to $2.54, the lowest for this smart contract platform since July. Santiment says you can expect an increase in price after these lower rates go below $5.
🤑 #Ethereum‘s average fees are at an extreme low, costing traders just $2.54 per transaction currently. This is the lowest $ETH cost level since July. Historically (but by no means automatically), $ETH prices rise after average transactions dip below $5. https://t.co/JS3paxdfwz pic.twitter.com/hsc9BoGwPx
— Santiment (@santimentfeed) May 24, 2022
At the time of writing, XRP is worth $0.3924. Bitcoin is trading for $29,125.51 and Ethereum is changing hands at $1,801.95.
