Why Are Whales Buying Millions Worth of XRP and SHIB?

XRP and SHIB whales are inducing ripples in the crypto market, with massive new token purchases igniting speculations of potential price actions in these assets.

Data from Whale Alerts reveals a string of significant transactions involving trillions of SHIB moving between wallets. On Aug. 21, an investor and holder of wallet 0xc684d6c5 purchased 4,653,778,173,637 SHIB worth $36,797,424 from a Bitvavo sender. Later, wallet 0xc684d6c5 sent about 4,639,778,173,637 SHIB valued at $36,696,005 to 0x3442cc07. 

In the latest transaction, wallet 0x3442cc07 transferred 4,627,778,173,637 SHIB to another wallet 0xa9d152f9 today. This final amount of transferred SHIB is worth $36,601,097 at the current market price. While the wallets seem to have some connection, the identity of the investor/s remains a mystery.

Data analysis suggests that XRP whales follow a similar pattern with significant transactions. For instance, about 221 wallets have recently accumulated 16 billion XRP. Additionally, there has been a rapid surge in wallets holding more than 100 million XRP.

Investors Gearing Up for Possible Price Movements

Analysts believe that the recent price actions could be in anticipation of robust positive price movements in the coming days. SEC’s possible shift of stance in a lawsuit against Ripple could drive the token to over $0.6 in the coming days.

The case is the same for SHIB. With analysis suggesting the SHIB is now at its local bottom, the possibility of gains for the currency has increased. An analyst Michael van de Poppe, recently predicted that SHIB could hit $0.000013 in the coming weeks.

The post Why Are Whales Buying Millions Worth of XRP and SHIB? appeared first on CryptoPotato.