OP, ARB and SNX: What Crypto Whales Bought This Week
Date: 2023-07-24 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The victory of Ripple Labs over the US Securities and Exchange Commission (SEC) led to an increase in the capitalization of the altcoin market by 5%. As the hype around XRP subsided, large investors turned their attention to other coins.
Several altcoins have become objects of interest of crypto whales this week, including Optimism (OP), Arbitrum (ARB) and Synthentix (SNX).
Crypto whales are interested in Optimism (OP)
The native token of the Optimism L2 blockchain is experiencing a surge in whale interest. The graph below shows that over the past couple of weeks, addresses with a balance of 100,000 to 1 million coins have replenished their reserves by another 13.9 million OP.
At the current price of $1.53, the value of the coins purchased by the whales is estimated at about $21 million. If they keep buying, the OP price is likely to rise even more in the coming weeks.
Major players again believed in Arbitrum (ARB)
The Arbitrum network does not seem to have suffered from the hacks that shook the ecosystem. On-chain data from the Santiment platform shows that between July 13 and July 19, wallets with a balance of 1 to 10 million coins bought another 31 million ARB worth about $38.8 million.
Thanks to this hype, the price of the asset increased by 11% of all in a few days. This has definitely helped dispel the FUD caused by the recent hack of the DeFi protocol Rodeo Finance. If whales continue to actively buy tokens, ARB may make another attempt to reach the $1.5 mark.
Synthetix (SNX) shows double-digit growth
According to data from Santiment, crypto whales have played a key role in Synthetix's current price rally. Between July 15 and July 19, this cohort of investors purchased $1.8 million worth about $5 million.
If they do not take profits and inspire other market participants to buy, the uptrend of SNX may drag on for a long time.
