ARB, UNI and ADA: what crypto whales bought in July
Date: 2023-08-04 Author: Karina Ziganova Categories: BLOCKCHAIN
Ripple (XRP) definitely became the main hero of the past month, but whales still did not ignore other altcoins.
Among the coins that experienced a surge of institutional interest in July were Arbitrum (ARB), Uniswap (UNI) and Cardano (ADA). If we take into account historical data, the actions of cryptokites can become a catalyst for a large-scale increase in the price of these tokens.
Arbitrum (ARB) is being bought by cryptos
Over the past two weeks, the Arbitrum rate has decreased by 14%. However, readings of key on-chain metrics hint that ARB will still have a chance to recover. The graph below shows that in the period from July 15 to August 2, the address with a balance of 100,000 up to 10 million tokens, another 98 million coins were bought.
At the current market price of $1.14, the value of the tokens purchased by them is $112 million. If the whales remain optimistic about Arbitrum, the reversal of the upward trend will be only a matter of time.
Uniswap (UNI) investor activity is breaking records
The Uniswap price broke the $6.50 mark for the first time since April. Although the bears immediately provoked a slight correction to $6.12, the trading activity of the major players suggests that the UNI rally is not over yet.
In the period from July 22 to July 31, the number of transactions with UNI exceeding $100,000 increased by more than 600%. It is noteworthy that on July 31, whales made 139 transactions, which was the highest level of activity in Uniswap since February 16.
If large investors continue to move along this trajectory, the next target for UNI may be $8.
Cardano (ADA) whales swim upstream
In the conditions of a sharp drop in the price and network activity of Cardano, persistent whales swim against the current to avoid further collapse.
The graph below shows that in the period from July 14 to August 2, addresses with a balance of 1 million to 10 million ADA purchased another 150 million coins worth about $45 million.
If the big players continue to buy ADA, retail investors may follow suit and turn the tide in favor of the bulls.
