As a seasoned researcher with a knack for deciphering the intricacies of the crypto market, I find myself captivated by the current accumulation trends among whales in Toncoin (TON), Pepe Coin (PEPE), and Optimism (OP). While the broader market may be signaling correction, these whale behaviors hint at potential bottoms and opportunities.
The cryptocurrency market shows signs of ongoing adjustment, as both Bitcoin and Ethereum dropped below significant thresholds of $55,000 and $2,500, respectively, last Friday. However, despite the downward trend, large investors or “whales” remain optimistic about alternative coins such as Toncoin (TON), Optimism (OP), and Pepe Coin (PEPE).
How Whale Accumulation Signals Crypto Market Bottoms
The behavior of whales (large investors) in the cryptocurrency market is a significant factor to consider, as it frequently signals their buying and selling actions. Typically, when these knowledgeable investors are actively accumulating, it tends to coincide with significant market lows, which can serve as valuable signs for identifying the top cryptos to invest in at that time.
Toncoin (TON)
Toncoin, the cryptocurrency linked with Telegram, has been drawing market focus due to rumors of its founder Pavel Durov’s alleged detention in France. On September 6th, Durov released a statement disputing the French authorities’ actions and the sensationalized portrayal of events. He made it clear that the media had misconstrued the situation and reaffirmed Telegram’s dedication to upholding privacy and impartiality.
By press time, the TON price had traded at $4.6 and held a market cap of $11.76 billion.
Regardless of any legal issues, the enthusiasm for Toncoin among whales appears steady. In fact, an amount ranging from 1 Million to 10 Million TON currently represents approximately 3.18 million coins in total, as suggested by data from Santiment.
Pepe Coin (PEPE)
PEPE, the cryptocurrency with a frog theme, has experienced a significant decrease from $0.000017 to $0.000007 over the past four months – that’s a 60% drop. This downturn may have unsettled short-term traders who are speculating, but long-term investors appear to be buying more of this asset consistently.
Data on PEPE coin distribution indicates that whales (large investors) with between 10,000,000 and 100,000,000 PEPE tokens have been steadily increasing their holdings, reaching a peak of 3.64 trillion coins. This persistent growth suggests that these large investors expect a possible turnaround in the PEPE coin market.
By press time, the PEPE price had traded at $0.0000069, boosting a market cap of $2.94 billion.
Optimism (OP)
Over Optimism (OP), a blockchain running on Ethereum, had forecasted a steep drop from $4.85 to $1.42 – a decrease of approximately 70% within six months. Yet, the falling trend has started to level off as the $1 mark stimulates increased demand, leading to a possible reversal in its trajectory.
Based on Santiment’s findings, there has been a significant rise in the number of large-scale whale investors (those with between 1 Million to 10 Million Optimal (OP) tokens) who have increased their holdings. This peak stands at a staggering 672 million coins. This active accumulation indicates a growing trust in the Optimism coin, as it prepares to fortify its support level above $1, aiming for another price surge.
With an intraday gain of 6%, the OP price trades at $1.4 and boasts a market cap of $1.68 Billion.
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2024-09-07 20:14