Whales Plunge Into XRP and DOGE During Recent Market Turmoil; Prices Up 25% Today

The cryptocurrency market has seen significant volatility in recent days, with several assets seeing sharp drops in price. The correction, which intensified mid-week, caught many investors by surprise, resulting in billion-dollar liquidations. Bitcoin, the leading cryptocurrency, led the downward movement, plummeting from over $108.000 on Tuesday to $92.000 on Friday. As is common during corrections, altcoins suffered even greater impacts.

Among the assets with the worst initial performance, the following stood out: Dogecoin (DOGE) and XRP . Dogecoin, which was trading above $0,41 before the correction, fell by more than 35% to a low of $0,26 yesterday. XRP followed a similar trajectory, falling from $2,72 to $1,96, representing a 28% drop. However, both assets have shown signs of recovery since then.

While many investors were panicking about the dips, on-chain data revealed an interesting move by whales, who are large holders of cryptocurrencies. According to cryptocurrency analyst Ali Martinez, whales monitoring XRP and DOGE took advantage of the price drop to accumulate more tokens.

In the case of XRP, whales accumulated a whopping 80 million tokens since the correction began on December 17, according to data shared by Martinez. Dogecoin whales have also shown confidence in the asset, accumulating more than 250 million DOGE.

Source: Santiment/Ali Matinez

Despite the recent volatility, whales’ accumulation of XRP and DOGE during the dip suggests a positive long-term outlook for these assets. The recovery in prices from Friday’s lows reinforces this idea, showing that the market may be finding a new equilibrium. However, it is important to remember that the cryptocurrency market is highly volatile and investors should proceed with caution, conducting in-depth research and considering their own objectives and risk tolerance.

Yesterday, the cryptocurrency market rose again, with the main assets showing considerable increases, with XRP and DOGE standing out with increases of more than 16% today. On Saturday morning, XRP was trading at US$ 2,30 with an increase of 16.5%. The largest memecoin on the market, Dogecoin (DOGE), also showed a significant increase, trading at US$ 0,3353 with an increase of 24.9% in the same period.