TL:DR;
- Crypto markets went through a more volatile end of the week, but larger investors seem unfazed as they keep accumulating two of the biggest tokens by market cap.
- The question now is whether XRP and DOGE will rebound swiftly, given the massive purchases completed by the so-called whales.
It was a rollercoaster of a week for the entire crypto market, with BTC surging past $102,000 at the start of it only to dump by more than ten grand within two days to a multi-week low.
The altcoins followed suit, as DOGE, for example, stood close to $0.4 at one point this week but then plunged toward $0.31, representing a 22% retracement.
XRP went above $2.5 briefly on January 4 and to $2.47 on January 7, but the market-wide correction pushed it to a low of $2.2 on January 9 before it calmed to around $2.33 in the past 24 hours.
Such enhanced fluctuations tend to scare off certain investors, especially retail, but that has not been the case with whales. Data from Santiment, shared by Ali Martinez, show that XRP and DOGE whales went on an accumulation spree amid this market uncertainty.
Those holding the largest meme coin by market cap increased their stash by adding more than 470 million DOGE in 48 hours alone. In USD terms, this would put the total accumulation at about $150 million, with an average price of $0.33 per token.
The XRP case is even more bullish as whales purchased more than a billion tokens within the same timeframe. An average price of around $2.3 puts this two-day acquisition at $2.3 billion.
It’s worth noting that both assets reacted to this market-wide crash in a less painful manner compared to the previous one at the end of 2024, when BTC slumped toward $91,000 once again.
Back then, XRP tumbled hard , slipping below $2 on a couple of occasions. So far, during this correction, the token’s low was 10% higher at $2.2, perhaps assisted by the aforementioned large purchases.
DOGE’s scenario was similar as it plummeted to just over $0.26 on December 30, while its bottom now came at over $0.31.
Consequently, it’s safe to say that the whale accumulations helped both assets during the crash, and they could have an even greater effect if they continue and the market rebounds in the next few days.
