The first week of July has been a difficult one for the market. But amid the growing sell-offs, crypto whales loaded their wallets with some altcoins that some may term undervalued.
Whales are large investors, and their influence on price cannot be underestimated. Therefore, market participants may need to keep an eye on Dogecoin (DOGE), Optimism (OP), and Pepe (PEPE), as they are among the altcoins crypto whales bought this week.
Dogecoin (DOGE) Large Holders Overlook The Decline
Like other cryptocurrencies, the price of DOGE tumbled. Specifically, the value has dropped by 23.76% in the last seven days.
However, this did not stop crypto whales from buying more of the coin. BeInCrypto observes this after evaluating the Large Holders Inflow shown by IntoTheBlock.
This inflow shows strong buying activity by market participants who hold between 0.1% to 1% of the cryptocurrency. On Tuesday, July 2, the inflow was 61.88 million DOGE.
But one day later, the inflow reached 516.08 million, suggesting that whales were buying the dip. Currently, the figure has decreased to 215.90 million.
Dogecoin Large Holders Inflow. Source: IntoTheBlock
At an average price of $0.11, crypto whales bought $23.74 million worth of Dogecoin in the first week of July. This is a 175.44% increase from the holdings in the last week of June.
Optimism (OP) Whales Ignore the Unlocks, Bullish About the ETF
Second on this list is OP, the token of the layer-two blockchain built on Ethereum. This week, OP’s price has fallen by 27.82%. Apart from the broader market decline, OP’s decline can be linked to the series of token unlocks between July 1 and 5.
While the unlocks put selling pressure on the price, crypto whales decided to scoop the token at discount prices.
According to Santiment, whales hodling between 1 million to 10 million OP added to their balance in the first week of this month. As a result, this cohort now holds 11.27% of the total OP supply.
Read More: What Is Optimism?
Optimism Balance of Addresses. Source: Santiment
The decision seems to be largely due to the upcoming Ethereum ETF approval. For most market participants, the official trading of the products may raise ETH prices.
Since ETH shares a strong correlation with OP, whales deem it fit to buy the token lower before the potential rally begins.
Whales Put Pepe (PEPE) At the Top of the Chain
A look at PEPE’s Large Holder Netflow shows a staggering 2237.18% increase in the last seven days. This means the crypto whales buying PEPE outpaced those selling it by the abovementioned ratio.
Despite intensifying their purchase, the accumulation has had little to no effect on PEPE’s price. At press time, PEPE trades at $0.0000078— the lowest price it has hit since May 4.
If these large investors continue to buy the token as the price dips, stability may eventually appear.
Read More: Pepe (PEPE) Price Prediction 2024/2025/2030
Pepe Large Holders Netflow. Source: IntoTheBlock
However, considering the current market condition, whale accumulation alone may not be enough to prevent prices from further declining. This is because Bitcoin (BTC) seems to be the crypto dragging the market back.
Should BTC fail to stop its correction, DOGE, OP, and PEPE may continue to face downward pressure. However, a rebound for the number one cryptocurrency may prevent another nosedive.
